The unauthorized-accounts scandal at Wells Fargo is an exemplary case, and we don’t mean that as a compliment. The latest revelations about the Wells Fargo scandals have come to us from the Office of the Comptroller of the Currency, a key federal banking regulator. I had less stress in the 1991 Gulf War than working for Wells Fargo. As the OCC observes, the bank’s competitors have experienced healthy growth in their stock prices since the first Wells Fargo settlement in September 2016, while Wells Fargo shares have barely budged. So far, the sales scandal and others that have emerged have cost Wells Fargo two CEOs — Stumpf and Sloan, who stepped down last March.

Source: Los Angeles Times January 27, 2020 19:30 UTC