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In February 2020, the company agreed to pay $3 billion to settle claims by the United States Department of Justice and the Securities and Trade Commission. Carrie Tolstedt, who headed the division, retired in July 2016 and obtained $124.6 million in stock, choices, and restricted Wells Fargo shares as a retirement package. It led to the firing of nearly 5,300 workers and $5 million being put aside for buyer refunds on charges for accounts the purchasers never needed. In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers with out their consent.
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