|
The
lender said it would add $32 million to the previous agreement
for a total settlement of $142 million.
"The expansion of this agreement is another important step to
make things right for our customers," said Tim Sloan, Wells
Fargo's Chief Executive Officer.
Wells Fargo has been working to win back customer confidence
following a sales scandal at its retail banking business and has
paid a $185 million fine to the U.S. government.
The settlement, announced in September, hammered the bank's
share price and led to the resignation of then-Chief Executive
John Stumpf.
The San Francisco-based lender has since then launched internal
probes, fired more than 5,000 employees, apologized to
customers, changed compensation plans and scrapped sales targets
to win back customer confidence.
(Reporting by Sweta Singh in Bengaluru; Editing by Shounak
Dasgupta)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
