Outrage grows as Wells Fargo executives are spared the chopping block after 5,300 employees were fired for creating millions of fake accounts
Staff pushed customers into taking extra products or created extra accounts without their knowledge to hit sales targets, probe found
Some were fined overdraft fees after money was moved without consent
Wells Fargo says it has fired 5,300 staff in recent years over the scandal
But CEO John Stumpf was paid $19.3million in 2015 and has been given several ‘Banker of the Year’ awards from industry organizations
Executive David Carroll was paid $9.05million for overseeing ‘growth’
Consumer watchdog fined the bank a record $185million on Thursday
Wells Fargo has also been ordered to repay $5million to customers
Up to 2million deposit accounts were created without customers knowing
By JESSICA CHIA
DAILYMAIL.COM
10 September 2016
A customer fraud probe cost 5,300 Wells Fargo employees their jobs – but regulators stopped short of pointing any fingers at the bank’s executives.
Under intense pressure to hit sales targets, employees opened additional bank accounts and credit cards for customers without their consent, using fake email addresses and forged signatures in a widespread practice that will now cost Wells Fargo a record $185million fine.
Investigators acknowledged systemic problems like the lack of oversight but failed to hold high-level executives responsible as they received hefty paychecks and accolades for creating growth.
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