Moreover, activists say that the problem goes well beyond Wells Fargo and is an industry-wide scandal. Once it made the papers, Los Angeles City Attorney Michael Feuer conducted his own investigation and then sued Wells Fargo. Activists point out that the fines being levied against Wells Fargo are a drop in the bucket compared with Wells Fargo's 2015 profits of $20 billion. Last year Wells Fargo -- the nation's fourth largest bank by assets and its leading home lender -- paid Strumpf $19.3 million. He discovered that Wells Fargo employees opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without consumers' knowledge or permission.

Source: Huffington Post September 21, 2016 17:03 UTC