A regulator barred former Wells Fargo & Co. chief executive John Stumpf from the banking industry and fined him $17.5 million over the firm’s fake-accounts scandal, an extraordinary sanction for a top executive at a large bank. Mr. Stumpf agreed to the lifetime ban in a settlement with the Office of the Comptroller of the Currency. The firm’s former chief administrative officer and chief risk officer settled similar civil charges, and five other former executives, including the former consumer-bank chief, were also charged.

Source: Wall Street Journal January 23, 2020 18:25 UTC