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The latest fine is to settle claims from U.S. states that the bank created phony accounts and committed other phony abuses. The fine mirrors a $190m fine paid to the federal government two years ago.
This agreement underscores our serious commitment to making things right in regard to past issues as we work to build a better bank, Chief Executive Officer Tim Sloan said in a statement. As of the end of the third quarter of 2018, Wells Fargo had set aside $400 million of the settlement amount and expects to allocate the remaining $175 million by the end of this year, the company said in the statement. As part of the settlement, Wells Fargo will create a customer restitution review program to refund customers who have not gotten compensation from remediation efforts already in place. The bank will also create a website outlining the existing remediation programs.
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