Wells Fargo

Wells Fargo must take responsibility, and not reward widespread, illegal behavior that scammed its own customers.

Dear MoveOn member,

The Wells Fargo executive who oversaw the company's illegal scheme to charge unknowing customers for fake accounts is about to walk away with $125 million in total compensation.¹

Don't let Wells Fargo reward this kind of deceit. Will you join me in demanding that the Wells Fargo executive who oversaw this misconduct return her bonuses and compensation?

Wells Fargo created more than two million fake deposit and credit-card accounts, and then charged customers for them—without their consent. Yet, the Wells Fargo executive who oversaw this misconduct isn't being fired; she's retiring—and walking away with almost $125 million in total compensation. Don't reward this kind of deceit. Take responsibility and tell the executive to give back this compensation.

In early September, the Consumer Financial Protection Bureau (CFPB) found that Wells Fargo employees, facing pressure to meet unrealistic sales quotas, opened more than two million deposit and credit card accounts for customers who never asked for them.²

The CFPB and other agencies fined Wells Fargo a total of $180 million for these illegal acts. But the executive in charge of this division at the bank isn't being fired—she's "retiring," and walking away with nearly $125 million in stock, options, and other compensation!³

Wells Fargo must take responsibility and not reward widespread, illegal behavior that scammed its own customers. 

Click here to add your name to this petition, and then pass it along to your friends.

Thanks!

—Lisa Donner, Americans for Financial Reform

Sources:

1. "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million," Fortune, September 12, 2016
http://act.moveon.org/go/5668?t=5&akid=169879.10220574.acBDQF

2. "Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts," Consumer Financial Protection Bureau, September 8, 2016
http://act.moveon.org/go/5667?t=7&akid=169879.10220574.acBDQF

3. "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million," Fortune, September 12, 2016
http://act.moveon.org/go/5668?t=9&akid=169879.10220574.acBDQF

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