Wells Fargo fires 5,300 employees for fraud

Wells Fargo has been fined $185million (£139million), and has fired 5,300 employees for committing pervasive fraud from 2011.

The scandal saw employees open credit cards on customers’ accounts without consent. Employees then moved funds from customers' existing accounts into newly-created ones without their knowledge or consent, and forced customers to accumulate late fees, according to regulators.