Fees were generated on approximately 85000 accounts

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Fees were generated on approximately 85,000 accounts for a total of $2 million in revenue. (Wikipedia, 2017) Examples Employees were expected to sell “at least eight products a day” (Arnold, 2016) and were under intense pressure to do so. “During a sales push called ‘Jump into January’ former employees say they were expected to sell 20 products a day.” (Arnold, 2016) Employees who did not sell enough “products” were given formal warnings, and told they would be fired and be given a black mark that would prevent being hired at other banks. While managers did not specifically tell their employees to open fraudulent accounts, “as long as you hit your numbers nobody asked any questions.” (Arnold, 2016)
RECENT BUSINESS CRIME 3 Penalties The CEO of the Wells Fargo, John Stumpf, appeared before the Senate Banking Committee on September 21 st , 2016. This was after the company had already been fined a total of $185 million. $100 million went to the Consumer Financial Protection Bureau, $50 million went to the Los Angeles City Attorney, and $35 million went to the Office of the Comptroller of the Currency. The Senate Banking Committee did not levy further fines, but did recommend that Stumpf resign. (Wikipedia, 2017) John Stumpf did resign a month after the hearing. He was replaced by COO Timothy Sloan.

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