Wells Fargo agrees to $3B settlement for sales practice scandal

Wells Fargo & Co. (NYSE: WFC) has agreed to pay $3 billion in a settlement reached with the United States Department of Justice and U.S. Securities and Exchange Commission. The settlement resolves criminal and civil investigations into faulty sales practices at Wells Fargo's community bank from 2002 to 2016. Those practices involved aggressive cross-selling and unrealistic sales goals, which led employees to open as many as 3.5 million fake accounts without customers' knowledge. “The conduct…