Federal regulators have slapped former Wells Fargo CEO John Stumpf with a $17.5 million fine for his role in the bank's sales practices scandal.
FILE - In this Sept. 20, 2016, file photo, Wells Fargo CEO John Stumpf testifies on Capitol Hill in Washington, before the Senate Banking Committee. Federal regulators have slapped former Wells Fargo Chief Executive Stumpf with a $17.5 million fine for his role in the bank's sales practices scandal.
This is the first time regulators have punished individual executives for Wells Fargo's wrongdoing. The San Francisco-based bank has paid hundreds of millions of dollars in fines and penalties for encouraging employees to open up millions of fake accounts in order to meet aggressive sales goals. Executives like Stumpf did give up tens of millions of dollars in bonuses and pay, but those actions were taken by Wells Fargo itself.
“Community Bank management intimidated and badgered employees to meet unattainable sales goals year after year, including by monitoring employees daily or hourly and reporting their sales performance to their managers, subjecting employees to hazing-like abuse, and threatening to terminate and actually terminating employees for failure to meet the goals.”
“Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing," said Enu Mainigi, a lawyer who represents Tolstedt."A full and fair examination of the facts will vindicate Carrie."
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