Former Wells Fargo CEO John Stumpf was barred from the banking industry and agreed to pay $17.5 million in a settlement with the Office of the Comptroller of the Currency
A regulator barred former Wells Fargo & Co. chief executive John Stumpf from the banking industry over the firm’s fake-account scandal, an extraordinary sanction for a top executive at a large bank.
Mr. Stumpf agreed to the ban in a settlement with the Office of the Comptroller of the Currency. He also agreed to pay $17.5 million. The firm’s former chief administrative officer and chief risk officer settled similar charges, and five other former executives, including the former consumer-bank chief, were also charged.
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