Wells Fargo fails living wills test; slapped with even more sanctions

Justice League


Lately it seems that Wells Fargo can’t even go a few days without another round of bad news. And Tuesday was another one of those bad-news days.

In September, Wells Fargo’s reputation was shattered after the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the city and county of Los Angeles fined the bank $185 million because more than 5,000 of the bank’s former employees opened approximately 2 million fake accounts in order to get sales bonuses.

That fine led to explosive hearings before both houses of Congress, followed by theresignation of Wells Fargo CEO John Stumpf, who took a beating at both Congressional hearings.

The scandal is far from over as Wells Fargo is still fighting off regulatory and furtherCongressional inquiries over the fake accounts.

The bank also lost business from several states, and then the OCC slapped additional sanctions on…

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