Wells Fargo has found themselves in an awful pickle. The bank was just fined $185 million by the Consumer Financial Protection Bureau and two other regulators for employees opening bank accounts and credit cards that were not authorized by customers.
Why would anyone do such a thing? In order to meet sales goals. Approximately 5,300 employees were fired in connection to the issue.
While Wells Fargo’s CEO John Stumpf holds himself accountable for the accounts being open, he does not plan to resign.
In an interview with Jim Cramer on “Mad Money”, he said, “I think the best thing I could do right now is lead this company, and lead this company forward.”
Federal prosecutors are investigating the bank according to The Wall Street Journal reported, citing sources.
Disclaimer: We have no position in Wells Fargo & Co. (NYSE: WFC) and have not been compensated for this article.