Wells Fargo former Chairman and CEO John Stumpf has agreed to pay a fine of $17.5 million and accept a lifetime ban from the banking industry in a settlement the Office of the Comptroller of the Currency announced Thursday.
Two other former C-suite executives of the San Francisco bank also settled and were fined. Hope Hardison, Wells Fargo’s former chief administrative officer and director of corporate human resources, agreed to pay a fine of $2.25 million and a personal cease and desist order that requires her to refrain from certain conduct in the future.
The bank’s former Chief Risk Officer Michael Loughlin will pay a fine of $1.25 million and a personal cease and desist order.
Wells Fargo is the second-largest bank operating in the Valley, with local deposits of $21.35 billion, according to Business Journal research.