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After markets closed on her final workday in office, Federal Reserve Chair Janet Yellen delivered a blow to one of the nation’s largest banks: Wells Fargo & Co. won’t be allowed to grow until it cleans up.

Fed officials said the San Francisco-based lender’s pattern of consumer abuses and compliance lapses called for an unprecedented sanction. Until Wells Fargo addresses shortcomings in areas including internal oversight, it can’t take any action that would boost total assets beyond their level at the end of 2017, without the Fed’s permission. The stock slumped in late trading Friday.

Continue reading:  Wells Fargo Hit With Unusual Ban on Growth in Yellen’s Final Act

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Fed under Powell more hawkish, while easier on regulation

5 thoughts on “Wells Fargo Hit With Unusual Ban on Growth in Yellen’s Final Act

  1. I recall reading about horrible business practices perpetrated by Wells Fargo executives last year. I believe they lowered the bar in incentivizing employees to be unscrupulous and heartless in dealings with custoners, trying to get new accounts.

    And we continue the trend of voting parasitic business executives into government positions which allows industry to further the degradation of society. I wish people would use logic in deciding what we need to improve instead of increasing speed into an abyss of corporate corruption. When will we learn? What will it take?

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