13 January 2020: Federal prosecutors in California and North Carolina have announced that a number of former Wells Fargo executives are under criminal investigation following the scandal concerning fake accounts.
The criminal investigations come three years after Wells Fargo agreed to pay $185 million in fines to US regulators, when it was found to be managing more than 2 million potentially unauthorised customer accounts. So far, repercussions have fallen mainly on lower-level employees, many of whom lost their jobs. If successful, the investigation could result in some of the most high-profile criminal charges to be brought against US bankers since the financial crisis.
The investigations are ongoing and the outcome could be subject to change. It is thought, however, that some individuals could be indicted as soon as this month.