Wells Fargo settlement over phony accounts raises questions about oversight

September 10, 2016 1:56 PM

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Wells Fargo settlement over phony accounts raises questions about oversight

Wells Fargo, the nation’s largest bank, scrambled on Friday to contain the fallout from an investigation that found its employees set up 2 million fake accounts that customers didn’t ask for to get bonuses. The bank took out full-page ads in some newspapers to apologize and promised to change the culture that allowed the scheme to fester.

But a Federal Reserve Board member, while not addressing the company’s case specifically, said the banking industry at large isn’t doing enough to prevent unethical behavior among its employees.

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