Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals.
Wells Fargo’s CEO Tim Sloan stepped down Thursday, saying he’d become too much of a political target after a rocky tenure during which the deeply troubled bank dealt with a seemingly unending wave of scandals.
Wells Fargo & Co. scrapped its product sales goals for retail bankers on Tuesday and may take further disciplinary action against its employees in the wake of a fake account scandal that has already led to $190 million in fines and the firing of 5,300 employees.
