Wells Fargo fined $185m for opening fake accounts

One of the US' biggest banks, Wells Fargo, has been fined $185m by regulators for allegedly creating fake accounts in order to meet sales targets.

The bank has reportedly fired over 5,000 employees for the practice, which involved the issuing of debit cards without the knowledge of customers, according to the US Consumer Financial Protection Bureau.

Wells Fargo did not explicitly accept responsibility for the incident, but have agreed to pay the fine associated with the investigation. In a press release, the lender said that "consistent with our commitment to customers and in the interest of putting this matter behind us" it would accept the decision.

The California-based bank is the largest in the United States by market value, and spokeswoman Mary Eshet told the Wall Street Journal that the employee dismissals affected both managers and team members.

The director of the CSFB announced the fine on Thursday.

"Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed," said Richard Cordray.