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The
move comes days after the Consumer Financial Protection Bureau (CFPB)
and two other regulators fined the bank $185 million over
abusive sales practices.
The bank paid another $5 million to customers for creating more
than two million fake accounts for products like credit and
debit cards to meet aggressive sales targets.
Customers should know that Wells Fargo retail bankers are always
focused on their best interests, Chief Executive John Stumpf
said in a statement on Tuesday.
The enforcement action caught the attention of U.S. presidential
candidate Hillary Clinton, who on Friday applauded the CFPB,
censuring Wells Fargo for what she called "outrageous behavior."
On Monday, five lawmakers wrote a letter to U.S. Senate Banking
Committee Chairman Richard Shelby calling for an investigation.
Credit rating agency Moody's Investors Service also commented,
saying the "embarrassing episode" would have a negative impact
on Wells Fargo's outstanding debt.
Wells Fargo said it had fired 5,300 employees involved in the
sales practices described by the settlement.
(Reporting by Richa Naidu in Bengaluru; Editing by Sriraj
Kalluvila)
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