Wells Fargo Issues Report from Independent Investigators on Retail Sales Practices

Wells Fargo issued findings from an independent investigation into the bank's retail sales practices. The investigators determined that "cultural, structural and leadership" factors were the root causes of the improper sales practices.

The Wells Fargo Board has taken corrective action to "promote accountability and strengthen oversight" including a managerial reorganization and numerous appointments and terminations. They have also pursued executive compensation actions totaling over $180 million. These actions include clawing back approximately $69 million from the former chair and chief executive officer and $67 million from the former head of community banking.

In March 2017, Wells Fargo reached an agreement in principle to pay $110 million in order to settle a class action lawsuit regarding its retail sales practices.