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HAMMER FALLS IN WELLS FARGO SCANDAL; Former CEO Stumpf agrees to cough up a $17.5-million penalty and be banned from the banking industry.

Jan 24, 2020 - Los Angeles Times

Eight former Wells Fargo & Co. executives are facing almost $59 million in fines, and the lender's former chief executive was banned from the banking industry, as regulators took unprecedented steps Thursday in holding individuals to account for corporate scandals.

Former Chief Executive John Stumpf agreed to pay a $17.5-million penalty and accept a ban that no major bank chief has faced, even in the aftermath of the financial crisis. Carrie Tolstedt, who led Wells Fargo's community bank f...