Wells Fargo says regulators have lifted a key penalty tied to its 2016 fake accounts scandal
Publishing timestamp: 2024-02-15 12:55:00
Summary
Wells Fargo announced that one of its primary regulators, the Office of Comptroller of Currency, has lifted a key penalty related to its 2016 fake accounts scandal. This consent order forced the bank to revamp how it sells its retail products and services. The bank's shares jumped more than 5% on the news. While this is seen as a milestone for the lender, there are still eight consent orders remaining, including one from the Federal Reserve that caps the bank's asset size.
Sentiment: NEUTRAL
Tickers: WFC,
Keywords: breaking news: markets, business, banks, breaking news: investing, investment strategy, business news, wells fargo & co,
Source: https://www.cnbc.com/2024/02/15/wells-fargo-says-consent-order-tied-to-2016-scandal-lifted.html