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Justice Department presses Wells Fargo on loans: source

Wells Fargo & Co and the Department of Justice are negotiating to settle allegations that the bank illegally targeted African-Americans for expensive subprime loans, according to a source familiar with the matter.

 

Wells Fargo to Cut 3,800 Jobs, Stop Subprime Loans

Wells Fargo said it will shut down a unit that makes "non-prime" real estate, auto and credit card loans and stop originating nonprime mortgages, eliminating a total of 3,800 jobs.

 

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