Earlier this year, following Deutsche Bank’s (DB) massive loss of $7.5 billion the Bank’s CEO John Cryan told the Financial Times’s Laura Noonan in a phone call that the bank he’d like to run was Wells Fargo (WFC) .
Months later, the picture perfect image of Wells Fargo was gone.
In its five-year history, the Consumer Financial Protection Bureau levied its largest ever fine on Wells Fargo after the bank’s employees created as many as two million unauthorized accounts to meet the desired sales target.
On Sept. 8, the bank paid a $100 million fine to the Consumer Finance Protection Bureau and $85 million to other official agencies.
