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21.02.2020

Wells Fargo nears a deal to end probes

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The lender would pay penalties to the Justice Department and the SEC over a fake-account scandal

Stocks impacted: Wells Fargo & Co (WFC)

Wells Fargo is ready to agree to settlements with the federal government for abusing customers across several of its business units. The lender would pay penalties to the Justice Department and the SEC over a fake-account scandal. Federal prosecutors have also been investigating people connected to the bank. The bank had set aside $3.9 billion for the quarter ended June 30 last year to deal with "a variety of matters, including retail sales practices matters." Wells Fargo has paid out more than $4 billion in fines and penalties since the 2016, when it admitted that employees opened bank accounts in their customers’ names, charging other customers unnecessary fees for loans and selling others unwanted insurance products. the bank’s shares finished 0.51% higher on Thursday.

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