Article Image

IPFS News Link • Central Banks/Banking

Wells Tumbles On Report Troubled Bank Faces New Regulatory Sanctions

• https://www.zerohedge.com by Tyler Durden

This, in turn, could lead to even more regulatory action heading the bank's way. The news sent Wells stock tumbling more than 5% on the day.

The bank has already paid more than $5 billion due to its various fraudulent cross-selling scandals which cost the former CEO his job, but the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are warning the company that new sanctions could be on their way due to how slowly the bank is fulfilling consent orders it signed about three years ago, according to a new article by Bloomberg.


thelibertyadvisor.com/declare