WASHINGTON: Wells Fargo & Co's U.S. regulator on Thursday announced it had banned former Chief Executive John Stumpf from the banking industry and charged him and seven other former executives combined more than US$58 million in civil penalties for their roles in the bank's multi-year sales practices scandal.
Some of the OCC's findings, though, contradict Wells Fargo's 2017 board report into the scandal, which largely pinned the blame on a small number of executives, in particular the bank's former retail banking head Carrie Tolstedt. But on Thursday, the OCC said many members of the bank's senior leadership were culpable, a finding that is likely to spark further questions by lawmakers who may push for criminal convictions, said Sieberg.
"Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing. A full and fair examination of the facts will vindicate Carrie," a lawyer for Tolstedt said in a statement.
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