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Wells Fargo says impact from Fed sanctions may reach $400 million

Reuters
A Wells Fargo branch is seen in the Chicago suburb of Evanston.

Wells Fargo & Co. says the impact from sanctions put on the bank after a wave of customer account scandals could reduce its profit this year by as much as $400 million.

Wells Fargo WFC, -2.20% is replacing four board members and won’t be able to grow beyond the $1.95 trillion in assets it held at the end of 2017, after agreeing to a consent order with the Federal Reserve on Friday.

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

The bank opened millions of customer accounts without consent over a period of years, and it has also been found to have committed additional infractions, such as charging borrowers for unneeded guaranteed auto protection.

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