Former Wells Fargo CEO John Stumpf to pay $17.5m penalty over fake accounts
US bank regulator announces steps against eight former Wells Fargo executives over accounts scandal
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.
Former CEO John Stumpf agreed to a $17.5m penalty and an industry ban, according to an order on Thursday from the Office of the Comptroller of the Currency (OCC). Carrie Tolstedt, who led Wells Fargo’s community bank for a decade, faces a $25m penalty that the regulator said could climb higher...