Former Wells Fargo CEO John Stumpf agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in leading the bank through its massive fake accounts scandal
In addition to Stumpf, the US Office of the Comptroller of the Currency fined several other former Wells Fargo executives about $40 million in connection to the bank's sales practice misconduct.Wells Fargo said it accepted the government's findings."The OCC's actions are consistent with my belief that we should hold ourselves and individuals accountable.
Read More"We are reviewing today's filings and will determine what, if any, further action by the Company is appropriate with respect to any of the named individuals," he added."Wells Fargo will not make any remaining compensation payments that may be owed to these individuals while we review the filings."Wells Fargo has struggled with the repercussions from its sales practices scandal for more than three years now.
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