Most banks were the victims in the 2008 financial crisis, not perpetrators, Dick Kovacevich, former chairman and CEO of Wells Fargo, told CNBC on Monday.
Instead, there were only 20 banks that caused the crisis, and "they're all gone," he said.
"The 7,000 mainstream banks did not have any serious problems. They didn't do the bad things. They were victims of the crisis that occurred because of the 20 perpetrators," Kovacevich said in an interview on "Closing Bell."
"These people behaved appropriately and they're being punished for the 20 bad guys."
Kovacevich's comments came on the sixth anniversary of the collapse of Lehman Brothers, which heightened the financial crisis.