World Economy

Wells Fargo Fined

Wells Fargo FinedWells Fargo Fined

US bank Wells Fargo has fired more than 5,000 of its employees and been fined a total of $185 million for making up millions of unauthorized bank accounts on their customers’ behalf—often without the customers’ knowledge, CBC reported. The California-based bank will pay $100 million to the Consumer Financial Protection Bureau, $35 million US to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles along with restitution to customers for a scam dating back to 2011 that allowed the bank to rack up millions in bank fees and meet aggressive growth targets.