Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior.
On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011. The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.
“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.
Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn’t even sign up for. Read more on this story…