Eight ex-Wells Fargo & Co. executives are facing a record $59 million in fines and the bank’s former chief executive officer received a ban from the industry as regulators took unprecedented steps in holding individuals to account for corporate scandals.
Former CEO John Stumpf agreed to a $17.5 million penalty and an industry 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 for a decade, faces a $25 million penalty that the Office of the Comptroller of the Currency said could climb higher. ...
