Former Wells Fargo chief executive barred from banking industry
https://www.washingtonpost.com/business/2020/01/23/banned-life-former-wells-fargo-chief-executive-barred-banking-industry/
Banking regulators pursuing what they describe as “systemic” misconduct in sales practices at Wells Fargo have reached an agreement with former chief executive John Stumpf that bars him from the banking industry and fines him $17.5 million.
The regulators continue to pursue civil charges, fines and prohibitions against five other executives for an array of oversight failures and deceptive methods at the bank.
The misconduct affected millions of bank customers from 2002 to 2016, according to a statement by the Office of the Comptroller of the Currency, which sought the charges. The regulators have found, among other things, millions of accounts opened for customers without their knowledge.