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U.S. bank regulator fines three former Wells Fargo executives over sales scandal

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09/21/2020 | 02:31pm EDT

WASHINGTON, Sept 21 (Reuters) - A U.S. bank regulator announced Monday it had fined three former executives at Wells Fargo Bank for their roles in the company's sales practices scandal.

The Office of the Comptroller of the Currency announced it had imposed the fines on three former executives from the bank's community bank arm, arguing they either did know or should have known about long-running problems with the bank's sales practices.

The OCC imposed a $925,000 fine on Matthew Raphaelson, the former community bank group finance officer, and barred him from the banking industry. It also imposed a $400,000 fine on Kenneth Zimmerman, the bank's former head of community bank deposit products group, and a $350,000 fine on Tracy Kidd, the former head of community bank human resources.

The fines come nine months after the regulator imposed fines on eight other former bank executives, including former CEO John Stumpf.

In a statement, a Wells Fargo spokeswoman acknowledged the bank's community bank had a "flawed" model, but that the firm was committed to fundamental changes.

"At the time of the sales practices issues, the company did not have in place the appropriate people, structure, processes, controls or culture to prevent the inappropriate conduct," said spokeswoman Jennifer Langan. "The company is different today, and we are doing what’s necessary to regain the trust of all stakeholders.”

The regulator added that the settlements also require the individuals to cooperate with any other investigation related to the sales practices. (Reporting by Pete Schroeder; editing by Jonathan Oatis and Cynthia Osterman)

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Financials (USD)
Sales 2020 71 964 M - -
Net income 2020 1 403 M - -
Net Debt 2020 - - -
P/E ratio 2020 83,7x
Yield 2020 5,24%
Capitalization 96 205 M 96 205 M -
Capi. / Sales 2020 1,34x
Capi. / Sales 2021 1,35x
Nbr of Employees 274 900
Free-Float 75,0%
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Number of Analysts 27
Average target price 29,42 $
Last Close Price 23,28 $
Spread / Highest target 93,3%
Spread / Average Target 26,4%
Spread / Lowest Target -1,20%
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Charles William Scharf President, Chief Executive Officer & Director
Charles H. Noski Chairman
Scott E. Powell Chief Operating Officer & Senior Executive VP
John Richard Shrewsberry Chief Financial Officer & Senior Executive VP
Saul van Beurden Senior Executive VP & Head-Technology
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