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Deep Dive: It’s business as usual at Wells Fargo after record fine

“The fine is a rounding error, and I don’t see any unintended consequences.”

So said FBR analyst Paul Miller, describing the $185 million in fines and penalties, plus another $5 million for “customer remediation,” that Wells Fargo & Co. WFC, -2.36% agreed to pay.

Wells Fargo’s punishment comes to only 0.9% of the $22.9 billion that the bank earned last year.

The Consumer Financial Protection Bureau (CFPB) found “widespread unlawful practices” at the third-largest U.S. bank by assets, including the opening of “hundreds of thousands” of accounts by employees without customers’ knowledge so employees could hit lofty sales targets.

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