Wells Fargo, one of the four major banks in the United States, has agreed to pay a billion dollars to settle with the American authorities.
The accusation against the US financial giant is of having defrauded its customers, forcing them to pay car insurance and home loans. The settlement would also concern the compliance of the risk management program.
The deal was announced on Friday morning, but investors and the company itself were already aware of developments in the situation. Last week, Wells Fargo posted a profit of 5,9 billion dollars for the first quarter of 2019, but said this could be subject to change following the fine.
The San Francisco bank had been overwhelmed by the scandal in 2016: some of its employees had opened millions of fake current accounts with the names of their customers, without them knowing it.
