The misconduct affected millions of bank customers from 2002 to 2016, according to a statement by the Office of the Comptroller of the Currency, which sought the charges. The regulators have found, among other things, millions of accounts opened for customers without their knowledge. ADWhile the deceptive practices were carried out by salespeople, regulators said the executives caused the problems by pushing staff to meet unreasonable sales goals and turning a blind eye to the deception. The length of the ban on working in the banking industry is open-ended, but Stumpf, 66, could eventually petition regulators to ease the restriction. ADThe company has refunded at least $42.9 million to customers in connection with a review of sales practices.

Source: Washington Post January 23, 2020 20:28 UTC