Wells Fargo is on the hook for$185 million in fines after settling charges brought by the Consumer Financial Protection Bureau of widespread abusive and illegal sales practices dating back to the beginning of 2011.
The company, which is the largest US bank by market capitalization, has fired some 5,300 employees in connection with the scandal, in which workers quietly took advantage of customers in an effort to reap rewards and game an employee-incentive program.
- Opening new deposit accounts and transferring customer money
- Applying for credit cards
- Activating new debit cards
- Using bogus email addresses to sign people up for services