Chart: The Cost of Wells Fargo's Sales Scandal
When news broke last year that thousands of Wells Fargo (NYSE: WFC) employees opened 2 million checking and credit card accounts for customers without the customers' authorization to do so, the bank's former CEO, John Stumpf, claimed that the scandal wouldn't have a material impact on Wells Fargo's financial performance.
He was basing this view, it seemed, on the $185 million in fines that the nation's third biggest bank forked over to regulators on account of the scandal. That's a lot of money, but it's a fraction of Wells Fargo's quarterly earnings, which regularly top $5.5 billion.
John Stumpf, the former chairman and CEO of Wells Fargo. Image source: Wells Fargo.
Source: Fool.com
Bank of America Corp. Stock
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