Former Wells Fargo CEO is barred from banking

National

John Stumpf, the CEO, who presided over a cross-selling scandal, can never work in a bank again.

(FOX NEWS) — John Stumpf, former CEO of Wells Fargo, can never work in a bank again.

The former head of Wells Fargo has been banned for life from the banking industry and has to pay 17 and a half million dollars in fines.

Under his leadership, the bank opened millions of fake bank and credit card accounts to meet sales goals and also forced clients to pay for unnecessary car insurance.

Wells Fargo has paid out roughly four billion dollars in fines rooted in the matter.

The US Office of the Comptroller of the Currency fined seven other executives of the company roughly 40 million dollars in total for the scandal.


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