Wells Fargo & Co has agreed to pay $3 billion to resolve criminal and civil prob...
) has agreed to pay $3 billion to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the last major investigations looming over the bank.
“This case illustrates a complete failure of leadership at multiple levels within the bank. Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of customers along the way,” Nick Hanna, U.S. attorney for the Central District of California, said in a statement.
“We are committing all necessary resources to ensure that nothing like this happens again, while also driving Wells Fargo forward,” Scharf said.Watchdog group Public Citizen criticized the deal, saying it does not go far enough. U.S. Senator Elizabeth Warren, who is seeking the Democratic nomination to challenge Republican President Donald Trump in the Nov. 3 election, wrote on Twitter, “This is a small step in the right direction, but it’s not a substitute for holding senior executives individually accountable - and bringing criminal charges against them if the evidence justifies it.”
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