Snatching Money From Wells Fargo
American bank Wells Fargo announced on Tuesday paying 110 million dollars in penalties for opening accounts to customers without their permission.
Earlier Wells Fargo has paid about $180 million for the settlement of claims of federal authorities and the authorities of the State of California.
The scandal around the bank erupted last September. Then it turned out that 5,300 employees were dismissed from Wells Fargo who illegally opened over 2 million check-in and credit accounts on behalf of their clients. Clients did not suspect that these accounts were opened on their name but they had to pay for the services. Bank employees did this to get bonuses and fulfill the sales plan. The scandal costed the head of the bank John Stumpf a leading position and more than $40 million in the form of lost bonuses.