Wednesday, October 12, 2016 - 18:53

Eric C. Peck - NMP Editor in Chief

Read Original Article HERE.

Wells Fargo has announced that Chairman and Chief Executive Officer John Stumpf has informed the company’s Board of Directors that he is retiring effective immediately. The Board elected Tim Sloan, the company’s president and chief operating officer, to succeed him as CEO, and Stephen Sanger, its lead director, to serve as the Board’s non-executive chairman, and independent director Elizabeth Duke to serve as vice chair. Sloan also was elected to the Board.

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CFPB levies $100 million fine against Wells Fargo

Employees opened more than 2 million fake accounts to get sales bonuses

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BY NATE RAYMOND AND SRUTHI SHANKAR
ORIGINAL ARTICLE FOUND HERE

Wells Fargo & Co said on Wednesday it had agreed to pay $1.2 billion to settle claims that it engaged in mortgage fraud, resolving a major U.S. lawsuit brought in the wake of the 2008 financial crisis.

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