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The Office of the Comptroller of the Currency has banned John Stumpf from the banking industry and fined the former Wells Fargo CEO $17.5 million. So reports CNBC.

banned 1726366 1920Wells Fargo had gotten in trouble for creating thousands of fake customer accounts. Some of the accounts were opened with the names of existing customers, but without their knowledge. This was done to boost sales figures and to get bigger bonuses.

Following the scandal, Stumpf resigned and the bank fired approximately 5,000 employees.

Read the full article from CNBC.

Last modified on Sunday, 26 January 2020
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