New York — Eight former Wells Fargo executives are facing almost $59m in fines and bans from the US banking industry over their roles in the firm’s scandals as regulators show more appetite to go after individuals.
Wells Fargo tapped into public and political ire in 2016 with the revelation that bank employees opened millions of potentially fake accounts to meet sales goals. That and a slew of retail-banking issues that subsequently came to light have led to regulatory fallout that is in many cases unprecedented for a major bank, including a growth cap from the Federal Reserve.
During the OCC’s investigation, Stumpf and others admitted that the bank had systemic sales practice misconduct dating from the early 2000s. Tolstedt and Russ Anderson “asserted their Fifth Amendment right against self-incrimination and refused to answer all substantive questions about sales practice misconduct,” the regulator wrote in a notice of charges.
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