US Treasury Secretary Jack Lew approved the decision of the Consumer Financial Protection Bureau (CFPB), ordering Well Fargo to pay $185 mln of fine for creation of fictitious accounts, BIN.ua reports, quoting Reuters.
“This is a bad behavior, they were right when they undertook measures, - Jack Lew said at CNBC Institutional Investor Delivering Alpha Conference in New York, - This is an unacceptable behavior, which should be stopped”.
Previously Wells Fargo reported that they fired 5.3 ths employees because since 2011 they created 2 mln bank accounts and credit cards on behalf of clients without their knowledge.
Wells Fargo is the largest US bank in terms of market capitalization, currently it is USD 250.66 bln. The largest shareholder of the bank is the investment company Berkshire Hathaway, controlled by US media mogul Warren Buffet.
The bank’s net profit in the second quarter of 2016 was USD 5.56 bln.
