Fed hits Wells Fargo after scandals, says bank can no longer add assets [MarketWatch]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: MarketWatch
Fed hits Wells Fargo after scandals, says bank can no longer add assets The Federal Reserve on Friday announced it was forcing Wells Fargo to oust board members and limit its growth, responding to a wave of abuses at the San Francisco giant that include opening accounts for customers who didn’t request them. In the last major move of Chairwoman Janet Yellen’s reign at the central bank, the Fed said it won’t let Wells Fargo WFC, -2.20% add assets beyond the level of the end of 2017 until it improves governance and controls. Wells Fargo ended 2017 with $1.95 trillion in assets. Wells Fargo will be able to continue current activities including accepting customer deposits or making consumer loans, the Fed said. “We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again,” Yellen said in a statement. “The enforcement action
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/23/24 - Form 8-K
- 4/23/24 - Form PX14A6G
- 4/23/24 - Form 424B2
- WFC's page on the SEC website