Wells Fargo Fires About 5,300 Workers in Account Scandal, Officials Says

The bank was slapped with $185 million in fines and civil penalties by city, county and federal authorities.
1:56 | 09/09/16

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Transcript for Wells Fargo Fires About 5,300 Workers in Account Scandal, Officials Says
The other big story this morning one of the country's biggest banks who pay huge fine and fire thousands of employees for. Allegedly encouraging fraudulent behavior investigators cola corporate culture Wells Fargo court at rages. And abusive. ABC's Maggie really has details of this historic scandal. The largest such payment in the history of the city attorney's office. 0185. Million dollar fine this is a major victory for consumers. Consumers have to be able to trust their bank. The Consumer Financial Protection Bureau in Los Angeles city attorney accusing thousands of Wells Fargo employees. Of widespread illegal sales practices that included secretly using customer information to open more than two million savings and credit card accounts. Sometimes causing extra fees all done so employees can be aggressive sales goals many of those customers had no idea these accounts even existed. I have another account and other putting more money and that other account that's. Yeah but I DT to make counts so I know but if time is there and watched it indeed and. Wells Fargo was firing 5300 employees in connection with the widespread scheme that spans at least five years. The bank has not admitted or denied wrongdoing telling ABC news. While we regret every interaction that was not handled properly the number of instances in T members involved represent a very small portion of our business. But ethics professor do well in Posner is not letting wells argue executives' off the hook. If bank is really a trustworthy institution and its managers and its top brass should know. What's happening at very low levels of the organization. Now Wells Fargo has said that money will automatically automatically be put act into the bank account that anyone who was affected but nick and and a lot of people still not happy this morning. Maggie really in Washington thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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