The OCC’s final decision underscores the actions of Anderson, Julian, and McLinko during a period when it was revealed that Wells Fargo employees were opening unauthorized customer accounts to meet stringent sales targets. The misconduct was part of a larger scandal that led to billions of dollars in penalties and settlements for the bank, as it faced accusations of pressuring employees into unethical practices.
The three former executives are part of a broader group of Wells Fargo leaders who faced similar claims. These individuals were accused of failing to adequately address or even recognize the full scope of misconduct within the bank, allowing the fake accounts to proliferate for years. Wells Fargo, for its part, has admitted to widespread misconduct that involved the unauthorized creation of millions of customer accounts from 2002 to 2016, a practice driven by excessive sales pressures within the bank.
In 2022, OCC Administrative Law Judge Christopher McNeil recommended that Anderson, Julian, and McLinko face fines, stating that there was “sufficient cause” to support the penalties. These amounts were consistent with the OCC’s original request filed in early 2020. According to Judge McNeil, the three executives knew about the issues at the bank but chose to disregard them, sometimes even withholding vital information from the bank’s board and misleading regulators.
