Wells Fargo fined $185M for ‘widespread illegal practices’ in account openings

September 8, 2016 5:16 PM

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Wells Fargo will pay $185 million to settle allegations of “widespread illegal practices” in which employees secretly opened accounts to meet sales targets and receive bonuses, federal regulators announced Thursday.

Employees for the San Francisco-based bank opened more than 2 million deposit and credit card accounts that may not have been authorized by consumers, the bank’s own analysis shows, regulators said. Wells Fargo’s violations resulted in the Consumer Financial Protection Bureau imposing a $100 million...

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