Comment on Fed's Wells Fargo punishment sets precedent for harsher era

Fed's Wells Fargo punishment sets precedent for harsher era

The Federal Reserve just devised a harsh new punishment after Wells Fargo landed in scandal after scandal - one that may haunt every big bank. The San Francisco-based lender was banned late Friday from growing until it convinces authorities it's addressing shortcomings - an action that could cost it $400 million in profit this year and pushed shares down by the most in more than two years on Monday.

 

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