Wells Fargo close to settlements over fraud accounts: Report

Former Wells Fargo CEO banned for life from banking industry; Tinder makes dating safer

Morning Business Outlook: Former Wells Fargo CEO John Stumpf has been banned for life from the banking industry and must pay $17.5 million in fines; Tinder adds new features to protect people from dangerous dates and fake profiles.

Wells Fargo appears ready to agree to settlements with the federal government for abusing customers across several of its business units, according to the New York Times.

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Settlements could be announced Friday, according to the Times, which cited unnamed sources.

EMBATTLED WELLS FARGO GETS OVERHAUL FROM NEW CEO CHARLES SCHARF

How much the settlements would cost Wells Fargo was not immediately known. But the bank has set aside $3.1 billion to pay legal costs, according to the Times.

Ticker Security Last Change Change %
WFC WELLS FARGO & COMPANY 47.34 +0.25 +0.53%

In 2016, bank officials admitted that employees opened millions of bank accounts in their customers’ names, charging other customers unnecessary fees for loans and selling others unwanted insurance products, according to the Times.

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Last month, ex-Wells Fargo executives including the former chief executive, John G. Stumpf were hit with the largest fines ever assessed by bank regulators.

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