WASHINGTON (Reuters) - A U.S. bank regulator announced Thursday that several senior former Wells Fargo executives face potential lifetime industry bans and millions of dollars in civil penalties for their roles in the bank’s long-running sales practices scandal.
The Office of the Comptroller of the Currency (OCC) announced civil charges against five former senior bank executives and settlements of charges with three other senior bank officials, including former Chief Executive John Stumpf. He agreed to pay a $17.5 million penalty and a prohibition from the banking industry, while Carrie Tolstedt, the former community banking head, faces a fine of $25 million and an industry ban.
The regulator said the executives failed to adequately perform their duties and allowed misconduct to continue at the bank for years.
Reporting by Pete Schroeder; editing by Jonathan Oatis