Wells Fargo is the 2nd largest mortgage lender in the USA (after Quicken), #4 bank in terms of assets under management, #3 by market cap, #2 in number of branches. It is absolutely massive.
BofA or Citi or Chase are no different, they are just better at getting away with it.
What you've posted is completely wrong, but it's the answer to a question I had, which was why the fuck does anyone still bank with Wells Fargo? There must be a lot of people cynical enough to think all banks are that bad.
[0] https://en.wikipedia.org/wiki/Wells_Fargo_cross-selling_scan...
The former CEO's total compensation was > $130M. That sounds much more like a cost of doing business, and a great risk. Heck, fines are classified as an expense for taxes.
Nothing that should keep you from banking with them, mind you... ahem.
At some point these are not fines, they just represent the governments' way of taking their share on the criminal revenues of these banks while they are guiding us straight into the next iceberg. And there is no incentive on either side to make it stop.
When it comes to solutions, I'm reading that the system has to burn to the ground or worse even on HN now... I'm personally of the mind that systems can only change when incentives exist in alternatives. As much as HN dislikes crypto, Bitcoin is one which has taken a principled approach from the start and its community and incentives always presented it as a way to opt-out of the current financial system backed by central-banks/governments (powered by traditional banking). If banks stop being provided with ways to infinitely create debt with politicians behind them promoting it to be able to pretend that everything is fine economically under them, you might see things change... but for this we can't continue playing their game by their rules. We need to opt-out.
If other radical and non-violent ways to solve this exists I am willing to listen and study them... crisis after crisis, I'm becoming more and more cynical about it.
And why are they still in business!?