The banking firm Wells Fargo has confessed its involvement in frivolous malpractices in sales, and it will be paying $3 billion settlement to the Justice Department and the Securities and Exchange Commission corresponding to its fake-account scandal, according to the U.S. Attorney's Office.

In an interview earlier last week, the U.S Attorney Nick Hanna said, "This case illustrates a complete failure of leadership at multiple levels within the bank," she further added, “Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of customers along the way.”