Wells Fargo cutting sales goal in wake of hefty fine

The head of Office of the Comptroller of the Currency, a banking regulator, said its $35 million penalty would "demonstrate that such practices will not be tolerated and banks will be held responsible".

Wells Fargo shares, down 13.3 percent on the year, fell 3 percent to $47.10 in mid-morning trading.

Wells Fargo paying a hefty fine while not admitting any wrongdoing is common, but the situation begs the question: Where was Wells Fargo's HR leadership in all of this?

"This morning we took the further step of announcing the elimination of sales goals in retail banking", effective January 1, he said. Wells Fargo has long cultivated a reputation for staying out of the regulatory headaches that have dogged some of its biggest competitors.

Stumpf is among executives who've been asked to appear, a spokeswoman for the committee said Monday.

Among allegations made by regulators were that Wells Fargo employees opened as many as 2 million accounts for customers without their authorization. She announced her retirement in July at age 56 and was scheduled to retire at year's end, according to a release by the bank. Tolstedt's has earned a base salary of $1.7 million for at least the last four years, according to Securities and Exchange Commission filings.

Wells Fargo says it is eliminating sales goals as it works to recover consumer confidence after it was ordered to pay almost $200 million because its employees opened more than two million unauthorized deposit and credit card accounts. California authorities accounted for the rest. Then they use those funds to lend to other customers.

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Looking closer at the Wells Fargo fraud scandal, it has been uncovered that the executive who directed the over-5,000 employees fired this week escaped the company unscathed, with no repercussions for her role, and a massive $124 million in exit pay.

"I guarantee you that we will be seeing that it does not happen again at any bank", he said.

Was Wells Fargo's HR leadership totally out of the loop with this type of product-driven training? PIN numbers were created for debit cards that customers did not know they had - "pinning" in the bank's argot.

"This ought to be a moment where people stop and remember how risky the system is when you don't have the proper protections in place", Treasury Secretary Jack Lew said at a conference Tuesday, according to CNBC. The lawmakers, including Sen.

"During a 2015 interview with the San Francisco Business Times, Wells Fargo executive Doug Case said, ". our CEO John Stumpf very frequently will talk about LGBT inclusiveness and, talk about walking the talk".

"It is hard to believe a large-scale, coordinated [scheme] like this took place without knowledge of some higher ups", Menendez said in an interview.

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