Wells Fargo (NYSE: WFC WFCWells Fargo& Co56. 35-0. 23% Created with Highstock 4. 2. 6 ) has publicly released the results of an investigation conducted by its independent directors to expose the company's widespread misconduct.
Over a period of years, the company's employees created more than 2 million fake accounts in the names of actual customers to increase the banks fee income and meet internal sales goals. When the crime was discovered, the immediate fallout forced the resignation of then-CEO John Stumpf and led to the ouster of retail banking chief Carrie Tolstedt. Now the company has decided to pay back 75 million US dollars that the two had received as compensation.