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
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.
—Lisa Donner, Americans for Financial Reform
1. "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million," Fortune, September 12, 2016
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
3. "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million," Fortune, September 12, 2016
You're receiving this petition because we thought it might interest you. It was created on MoveOn.org, where anyone can start their own online petitions. You can start your own petition here.
Want to help support petitions on MoveOn.org? Hundreds of thousands of people chip in each year to support MoveOn—which is how we're able to keep our petition website free and support campaigns like this one. Click here to chip in $3, or whatever you can afford.