Strother also agreed to a cease-and-desist order and to cooperate with federal regulators in investigations of the San Francisco-based bank’s misconduct, the U.S. Office of the Comptroller of the Currency announced Friday in a statement.
“Jim Strother is an honorable man who dedicated over 30 years in the service of Wells Fargo,”
The OCC had filed a notice of charges against Strother a year ago. It has now reached settlements with seven former Wells Fargo executives, according to its statement.
The bank has been working to emerge from a years-long series of controversies over its practices, including the revelation that employees may have opened millions of fraudulent customer accounts to meet their sales targets. Wells Fargo remains under a Federal Reserve-imposed growth limit related to the scandals.
A bank spokesperson declined to comment. When OCC actions were announced a year ago, the firm issued a statement acknowledging that its operations had been flawed, and saying it had improved practices and controls.
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