CHARLOTTE, N.C. (NBC) – Wells Fargo will pay a $3 billion fine for its fake account scandal.
The huge fine settles a civil lawsuit and criminal prosecution filed by the justice department.
Wells Fargo has already paid $185 million in fines for unethical sales practices.
Under pressure to meet sales quotas, bank employees opened more than three million accounts without customer authorization.
An internal investigation at Wells Fargo blamed top management for an “aggressive sales culture.”
The Justice Department says the fraudulent activity went on from 2012 to 2016.
The bank has fired about 5,300 employees in connection with the fraud.
© 2024 KOBI-TV NBC5. All rights reserved unless otherwise stated.