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Senators will grill Wells Fargo CEO about illegal accounts

Joe Mont | September 13, 2016

Wells Fargo executives will be called to testify before Congress, as early as next week, about what regulators have described as “the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.” In response to the scandal, the banking giant announced on Tuesday that it will eliminate product sales goals connected to retail banking.

On Sept. 8, the Consumer Financial Protection Bureau announced that Wells Fargo Bank, a subsidiary of Wells Fargo & Company, was fined $100 million, the largest penalty ever meted out by the agency. In response to the scandal, the bank fired 5,300 employees.

Wells Fargo had compensation incentive programs in place for employees that encouraged them to sign up existing clients for deposit accounts, credit cards,...

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