Wells Fargo Bank was fined $185 million by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city of Los Angeles, accused of a nationwide practice of secretly opening unauthorized deposit and credit card accounts.
The practices included thousands of employees and potentially 1.5 million unauthorized accounts.
Read on for details of the incentive plans at issue, Wells Fargo’s response, and why the regulators hope for a “sea change in the culture.”