Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.
Investigators found that Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of unauthorized accounts in customers’ names or foist other products on them from 2002 to 2016, often by creating false records or misappropriating their identities, the Justice Department said Friday in a statement announcing the penalties. That generated millions of dollars in fees and interest, and in some cases it damaged customers’ credit ratings.
Still, this is hardly the end of Wells Fargo’s legal woes. The company remains under a growth cap imposed by the Federal Reserve. Last month the Office of the Comptroller of the Currency announced civil charges against eight former senior executives, some of whom settled. And investigations into other suspected misconduct in other businesses are continuing.
Who even banks with Wells Fargo anymore? How are these banks, like drug-money laundering fraud HSBC bank, even in business?!?!?
Chump change !
They make roughly $6 billion quarterly...they’ll probably survive the loss of a month an a half of profit. If they don’t? Tax payer money will bail them out with no conditions...Ah, what a time to be alive.
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Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandalWells Fargo & Co has agreed to pay $3 billion to resolve criminal and civil prob... About time Yup y’all got me for 7 thousand so where my money at🤔 A drop in the bucket.
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