This is the first time regulators have punished individual executives for Wells Fargo's wrongdoing. Hardison will pay a $2.25 million fine and Loughlin will pay a $1.25 million fine. In 2018, federal regulations were placed on the bank to keep it from expanding, and the lawmakers seek to maintain their restrictions on the company. The former CEO of Wells Fargo can never work for a bank again and must pay a $17.5 million fine for his role in the bank's fake-accounts scandal. Close extra sharing options. Required fields are marked *. This is the first time regulators have punitively punished individual executives for Wells Fargo's wrongdoing. Wells Fargo CEO John Stumpf is out Embattled Wells Fargo CEO John Stumpf will retire effective immediately, the company announced Wednesday, marking a stunning downfall for … CEO Solutions. The highest profile former executive the OCC is suing is Carrie Tolstedt, who was head of Wells Fargo's community banking business until her resignation in 2016. The two other executives who settled with the OCC and will pay a fine include Hope Hardison, the bank's top human resources executive, and Michael Loughlin, who was the bank's chief risk officer. Troubled banking giant Wells Fargo looks to be doing the same over two years after a fake accounts scandal derailed the company’s good guy image. As part of their settlements and lawsuits against these Wells' executives, regulators seek to ban all of them from ever working in the banking industry again. (AP Photo/Susan Walsh, File). Wells Fargo Ex-CEO Banned, to Pay $17 Million in Fake-Account Scandal Regulator bars John Stumpf from banking industry; other executives also charged Hardison will pay a $2.25 million fine and Loughlin will pay a $1.25 million fine. The former CEO’s three-year tenure was marred by scandals involving corruption, fraud, and customer deception. From December 2013 to September 2015, the bank received 5,000 customer complaints that the bank had opened accounts without their consent. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices  The former CEO’s three-year tenure was marred by scandals involving corruption, fraud, and customer deception. He had initially defended himself before a Congressional committee, telling the panel in September 2016 that "there was no orchestrated effort or scheme" to "provide products and services to customers they did not want or need.". All Rights Reserved. Tolstedt was the executive most directly in charge of Wells' consumer bank, and has been largely blamed for Wells' poor banking culture. ", 24/7 coverage of breaking news and live events. The OCC has sued Tolstedt for $25 million for her role in the bank's scandal, a suit that Tolstedt's lawyers say they intend to fight. According to chairwoman Betsy Duke, the board is going to “try to recruit an executive from outside, someone without the baggage of being a Wells Fargo veteran.” The coming CEO will be subject to intense scrutiny by prominent Democrats like Sen. Warren and Sen. Sherrod Brown, who have urged the Federal Reserve to prevent Wells Fargo from growing until Sloan leaves. The agency is pursuing a $25 million civil fine and a prohibition order barring her from working for a bank or similar financial institution again. He should be investigated by the SEC and the DOJ for his role in all the Wells Fargo scams. You may not modify our content except to reflect relative changes in time, location and editorial style. Alexandria Ocasio-Cortez effortlessly fired back at the CEO of Wells Fargo bank after he claimed there is a lack of "Black talent" that the bank could recruit from. Let’s start using it, iPhone’s new ‘orange dot’ feature warns you when an app is listening, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. Wells Fargo CEO Charles Scharf wrote a memo to staff in June, according to Reuters, as protests broke out following the death of George Floyd at the hands of police. Peter Castagno is a staff writer and assistant editor at Citizen Truth. "A full and fair examination of the facts will vindicate Carrie.". "A full and fair examination of the facts will vindicate Carrie.". The two other executives who settled and will pay a fine include Hope Hardison, the bank's top human resources executive, and Michael Loughlin, who was the bank's chief risk officer.

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