The Wall Street Journal reported that former Wells Fargo chief executive John Stumpf has been barred by regulators from the banking industry and was fined $17.5 million over the firm’s fake-accounts scandal.
The Journal added Stumpf has agreed to the lifetime ban in a settlement with the Office of the Comptroller of the Currency. The firm’s former chief administrative officer and chief risk officer settled similar civil charges, and five other former executives, including the former consumer-bank chief, were also charged.
