Wells Fargo & Co. is taking steps to address incentive compensation that led to the fraudulent opening of millions of accounts by employees who have since been terminated.
Last week, Wells Fargo Bank, N.A., agreed to settle allegations it opened 1.5 million deposit accounts and over a half-million credit card accounts without customer authorization.
The settlement cost the Sioux Falls, South-Dakota-based bank $185 million, including a record $100 million penalty that was paid to the Consumer Financial Protection Bureau.
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From:: Financing