Source: Benzinga Feeds
The United States Department of Treasury’s Office of the Comptroller of the Currency on Thursday announced that former Wells Fargo & Company (NYSE: WFC ) CEO John Stumpf has agreed for a lifetime industry ban for his role in the sales fraud at the bank. Stumpf’s Role In The Scandal Stumpf has also been fined $17.5 million by the OCC for what it described as “a systemic sales practices misconduct problem” at the bank between 2002 and October 2016. Then the bank’s management “imposed unreasonable sales goals on its employees along with unreasonable pressure to meet these goals,” which led to “systemic violations of laws and regulations,” the OCC said. The OCC added that Stumpf failed to heed to warning signs, and ignored complaints by employees of the “pervasive sales pressure,” and them fearing to lose their … Full story available on Benzinga.com
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