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Fed says Wells Fargo isn’t allowed to grow after wave of scandals

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Customers use a Wells Fargo ATM at one of their bank branches in Miami.

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.

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