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Wells Fargo executive Carrie Tolstedt will receive a $124.6 million payday when she retires at the end of this year, despite overseeing the department accused of scamming millions of customers and incurring hundreds of millions in fines.
On Thursday, Federal regulators slapped Wells Fargo with $185 million in fines after discovering that employees were guilty of regularly inflating sales figures by opening new accounts and transferring money from customer accounts without their expressed permission.
The CFPB said on Thursday that employees of San Francisco-based Wells Fargo secretly opened the unauthorized accounts to hit sales targets and receive bonuses. The bank agreed to resolve the allegations without admitting or denying wrongdoing, and pay $185 million in fines. The lender said it fired 5,300 employees over the matter and set aside $5 million for customer remediation.
Wells Fargo drumbeat grows louder. House launches investigation - Sep. 16, 2016
$124 million payday for top Wells Fargo exec - Sep. 12, 2016
Wells Fargo Executive Linked To Scam Gets $124.6 Million Payday
On Thursday, Federal regulators slapped Wells Fargo with $185 million in fines after discovering that employees were guilty of regularly inflating sales figures by opening new accounts and transferring money from customer accounts without their expressed permission.
The CFPB said on Thursday that employees of San Francisco-based Wells Fargo secretly opened the unauthorized accounts to hit sales targets and receive bonuses. The bank agreed to resolve the allegations without admitting or denying wrongdoing, and pay $185 million in fines. The lender said it fired 5,300 employees over the matter and set aside $5 million for customer remediation.
Wells Fargo drumbeat grows louder. House launches investigation - Sep. 16, 2016
$124 million payday for top Wells Fargo exec - Sep. 12, 2016
Wells Fargo Executive Linked To Scam Gets $124.6 Million Payday