Wells Fargo’s Main Regulator Aims to Punish Former Managers
- OCC is said to prepare civil cases targeting up to 10 people
- Regulator seeks to hold individuals accountable for scandals
This article is for subscribers only.
Wells Fargo & Co.’s main regulator is preparing civil charges against former managers related to their roles in its retail banking scandals, people familiar with the matter said.
The Office of the Comptroller of the Currency has been readying so-called notices of charges against as many as 10 individuals, and may reach settlements with some, the people said, asking not to be identified because the discussions aren’t public. Carrie Tolstedt, who ran Wells Fargo’s sprawling community bank, former chief administrative officer Hope Hardison and onetime chief auditor David Julian may be among those facing the charges, the people said.