Wells Fargo will pay nearly $8 million in back wages following discrimination accusations.
The U.S. Department of Labor says the bank discriminated against more than 34,000 African-American job applicants.
In addition to the fines, Wells Fargo agreed to provide 580 affected applicants with new job opportunities.
The government said over 300 female job applicants also faced discrimination.
San Francisco-based Wells Fargo did not admit liability and said Hispanics were generally the group with the highest selection rate reflecting the need for Spanish-speaking tellers.
The company added that it has significantly changed its hiring practices, including increased recruiting at historically Black colleges and universities.
Contains footage from CNN.