wells fargo

Wells Fargo will cut its aggressive product sales goals for retail bankers, as it faces $185 million in fines and a damaged reputation after allegations that it opened millions of unauthorized accounts to meet those targets.

California and federal regulators fined Wells Fargo a combined $185 million on Thursday, alleging the bank's employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.

Wells Fargo Bank has agreed to strengthen its anti-discrimination policies as part of a settlement that resolves allegations a bank employee pressured a female loan applicant for sex, and that the bank didn’t do enough after hearing of the allegations.

A group of U.S. nonprofit housing advocates has filed a discrimination complaint against Wells Fargo, accusing the nation's largest mortgage lender of failing to maintain and market foreclosed properties in black and Hispanic neighborhoods.