Win McNamee/Getty ImagesTopline: U.S. regulators announced on Thursday it was taking punitive action against eight former Wells Fargo executives, including ex-CEO John Stumpf, in connection to the bank’s fake accounts scandal. Stumpf agreed to a $17.5 million fine and a lifetime ban from the banking industry. The executives were targeted by regulators for their role in creating millions of fake accounts to meet sales quotas. The revelation that bank employees opened millions of fake accounts to meet sales goals set off a perfect storm of public backlash. Combined with other retail banking issues that followed, Wells Fargo faced substantial regulatory fallout that’s in many ways unprecedented for a bank of its size, according to Bloomberg.

Source: Forbes January 23, 2020 20:14 UTC