Wells Fargo close to roughly $3 billion settlement that would end probes into sales practices
The deal could be announced as soon as Friday, the people told The Times. The dollar amount of the settlement was not disclosed, but Wells Fargo has set aside $3.1 billion for legal costs associated with the matter, The Times reported.
It would put an end to the multi-year investigations the agencies initiated after Wells Fargo's sales scandal first came to light in 2016. The bank disclosed that year that it had initiated millions of bank accounts in its customers' names without their permission, improperly charged customers fees for auto and home loans, and sold customers undesired insurance products.
The settlement would be just the most recent in a slew of sanctions the bank has faced since the scandal. Wells has paid over $4 billion in fines and penalties since 2016,. Last month, regulators banned John Stumpf, who ran Wells Fargo while it carried on its abusive sales practices, from the banking industry for life and fined him $17.5 million, The Times reported. Other executives faced fines over a million dollars as well, though some are fighting those cases, The Times reported.
It's unclear whether the new settlement will involve any criminal charges against former bank employees, The Times reported.Warren Buffett is now the longest-tenured CEO in the S&P 500 following Les Wexner's exit from L Brands »
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