The Wall Street Journal: Wells Fargo hit with $185 million penalty over account openings and employee incentives

Wells Fargo & Co., the largest U.S. bank by market value, must pay $185 million related to a regulatory enforcement action over “widespread illegal practice” around account openings, sales targets and compensation incentives, according to regulators and prosecutors.

The Office of the Comptroller of the Currency, Consumer Financial Protection Bureau and the Los Angeles city attorney announced settlements and a resulting consent order with the bank on Thursday.

Wells Fargo WFC, +0.26% must pay another $5 million in customer remediation and hire an independent consultant for a review, according to the bank and regulators. A Wells Fargo analysis found thousands of employees “illegally” signed up customers for more than two million deposit and credit-card accounts that may have not had their knowledge or consent, according to the releases.

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