AFP, WASHINGTONRetail and commercial banking giant Wells Fargo & Co will pay more than US$185 million in fines after US regulators accused the bank of secretly opening accounts without customers’ knowledge, officials said on Thursday. Wells Fargo found that employees had opened more than 1.5 million bogus deposit accounts alone from 2011 to last year, resulting in millions of dollars in customer fees while helping bank employees meet sales targets and receive bonuses. Wells Fargo will pay US$100 million to the CFPB, the largest fine to date imposed by the bureau, which was created in the wake of the 2008 financial crisis. Wells Fargo said in a statement that it regretted and took responsibility for the unauthorized accounts. “”Wells Fargo reached these agreements consistent with our commitment to customers and in the interest of putting this matter behind us,” the company said.

Source: Taipei Times September 09, 2016 15:56 UTC