Seven months after beginning an independent investigation into fraudulent sales practices at the company, Wells Fargo announced the results in a 113-page report that laid blame at the feet of multiple divisions across the company, but primarily targeted at former head of community banking Carrie Tolstedt.
Wells Fargo’s board of directors has ordered former CEO John Stumpf and Tolstedt to forfeit a combined $75 million for their respective roles in improper sales practices within the company, dating back several more years than previously reported.
Read on to find out what roles denial and misplaced trust on Stumpf’s part may have played in allowing issues to escalate and persist.