Federal regulators have slapped former Wells Fargo CEO John Stumpf with a $17.5 million fine for his role in the bank's sales practices scandal.
FILE - In this Sept. 20, 2016, file photo, Wells Fargo CEO John Stumpf testifies on Capitol Hill in Washington, before the Senate Banking Committee. Federal regulators have slapped former Wells Fargo Chief Executive Stumpf with a $17.5 million fine for his role in the bank's sales practices scandal.
This is the first time regulators have punished individual executives for Wells Fargo's wrongdoing. The San Francisco-based bank has paid hundreds of millions of dollars in fines and penalties for encouraging employees to open up millions of fake accounts in order to meet aggressive sales goals. Executives like Stumpf did give up tens of millions of dollars in bonuses and pay, but those actions were taken by Wells Fargo itself.
“Community Bank management intimidated and badgered employees to meet unattainable sales goals year after year, including by monitoring employees daily or hourly and reporting their sales performance to their managers, subjecting employees to hazing-like abuse, and threatening to terminate and actually terminating employees for failure to meet the goals.”
“Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing," said Enu Mainigi, a lawyer who represents Tolstedt."A full and fair examination of the facts will vindicate Carrie."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo Ex-CEO Banned, to Pay $17 Million in Fake-Account ScandalFormer Wells Fargo CEO John Stumpf was barred from the banking industry and agreed to pay $17.5 million in a settlement with the Office of the Comptroller of the Currency.
Read more »
Former Wells Fargo CEO banned from banking industry and fined $17.5 millionFormer Wells Fargo CEO John Stumpf on Thursday 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.
Read more »
Regulator charges ex-Wells Fargo executives for role in sales scandalWells Fargo & Co's regulator on Thursday announced it had brought civil cha...
Read more »
Former head of Wells Fargo banned from banking after role in sales scandalThe former head of Wells Fargo who presided over the bank's cross-selling scandal has been barred from ever working for a bank, federal officials announce
Read more »
Steph McGovern wells up as she says goodbye to BBC Breakfast and talks baby daughterSteph McGovern made a radiant return to BBC Breakfast to talk about her new show and life with her baby daughter
Read more »
Wells Fargo Ex-CEO Banned, to Pay $17 Million in Fake-Account ScandalFormer Wells Fargo CEO John Stumpf was barred from the banking industry and agreed to pay $17.5 million in a settlement with the Office of the Comptroller of the Currency.
Read more »