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Former Wells Fargo CEO John Stumpf barred from industry, to pay $17.5 million over sales scandal


Added 01-23-20 02:02:02pm EST - “The U.S. government announced that former Wells Fargo CEO John Stumpf is barred from ever working at a bank.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Former Wells Fargo CEO John Stumpf barred from industry, to pay $17.5 million over sales scandal”. Below is an excerpt from the article.

The U.S. government on Thursday announced that former Wells Fargo CEO John Stumpf is barred from ever working at a bank and will pay $17.5 million in connection to scandals at Wells that first came to light a few years ago under his tenure.

The notice from the Office of the Comptroller of the Currency said the regulator plans to target a host of individuals, including former executives, for their role in creating millions of fake bank accounts to meet sales quotas.

"The actions announced by the OCC today reinforce the agency's expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations," stated Comptroller of the Currency Joseph Otting.

Specifically, Stumpf's settlement declares he shall not participate "in any manner" at any bank regulated by the OCC nor participate or attempt to participate in a bank's corporate board votes in addition to the $17.5 million charge.

The OCC also announced that the former head of Wells Fargo's Community Bank unit, Carrie Tolstedt, is still fighting the allegations against her. The regulator seeks both a prohibition order and $25 million from Tolstedt.

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