Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020.
REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsCompanies Wells Fargo & Co FollowSept 15 (Reuters) - The former head of Wells Fargo's (WFC.N) retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal.
Prosecutors had sought a one-year prison term for Tolstedt, but the judge said it would unfairly make Tolstedt appear solely responsible for Wells Fargo's misconduct.
That cap remains in place, though Wells Fargo remains the fourth-largest U.S. bank.
Wells Fargo has also clawed back tens of millions of dollars of her pay.
Persons:
Wells Fargo's, Carrie Tolstedt, Josephine Staton, Wells, Tolstedt, Martin Estrada, Wells Fargo, John Stumpf, Stumpf, Chris Prentice, Jonathan Stempel, Jaiveer Singh, Shounak Dasgupta, Matthew Lewis
Organizations:
REUTERS, Companies Wells, U.S, San, Wells, Prosecutors, Federal Reserve, Securities and Exchange Commission, Thomson
Locations:
Wells Fargo Bank, New York City, U.S, Los Angeles, San Francisco, America, Wells, New York, Bengaluru