Why Wells Fargo Fell Nearly 5% Today
Shares of banking name Wells Fargo (NYSE: WFC) lost another 4.8% of their value on Wednesday, adding to Tuesday's losses on the heels of news it could be subject to more fines linked to the account opening scandal first revealed in 2016.
Bloomberg reported late Tuesday that the U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau have warned Wells Fargo that new sanctions may be in the works. Namely, the agencies are reportedly displeased with the slow pace at which the bank is making restitution with consumers impacted by unauthorized accounts opened in their name.
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Source Fool.com
