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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Wells Fargo and Company | NYSE:WFC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.1399 | -0.22% | 62.2001 | 62.475 | 61.84 | 62.40 | 3,942,601 | 16:07:00 |
From May 2019 to May 2024
By Rachel Louise Ensign and Ben Eisen
A regulator barred former Wells Fargo & Co. chief executive John Stumpf from the banking industry over the firm's fake-account scandal, a remarkable downfall for a top executive at a big 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 also settled similar charges and will pay a combined $3.5 million.
The OCC also charged five other former executives, including Carrie Tolstedt, who ran the consumer bank during the sales practices scandal. Those cases are slated to play out in administrative proceedings.
The OCC said Mr. Stumpf "was or should have been aware of the problem and its root cause," but that "there was a culture in the Community Bank that resulted in systemic violations of laws and regulations."
Write to Rachel Louise Ensign at rachel.ensign@wsj.com and Ben Eisen at ben.eisen@wsj.com
(END) Dow Jones Newswires
January 23, 2020 13:52 ET (18:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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