"Our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us."
The SEC said John Stumpf and Carrie Tolstedt misled investors about the bank’s success in selling multiple products to customers.
The bank’s internal investigation found up to 125 employees applied for relief intended for small businesses.
Tapestry, Wells Fargo, BNY Mellon, Plastiq, Biogen, Virgin Hyperloop, Memorial Hermann Health System, Xylem
“We are extremely disappointed in both our second-quarter results and our intent to reduce our dividend,” CEO Charlie Scharf says.
The bank indicated Tim Sloan did not do enough to resolve the regulatory problems it faced in the wake of its fake-accounts scandal.
The complaint said the practice continued from 2008 through at least 2016.
A new report slams the bank for failing to comply with regulatory orders on multiple customer abuse scandals and blasts regulators for inaction.
“This case illustrates a complete failure of leadership at multiple levels within the bank," a prosecutor says.
A regulator also fined John Stumpf $17.5 million for failures of leadership that contributed to the bank's fake-accounts scandal.
The bank's new CEO pledges to “make the fundamental changes necessary to regain the full trust and respect of all stakeholders."
The bank's CFO pointed to loan and deposit growth in the third quarter as evidence of strong fundamentals.
