"Biggest Fine Ever": Wells Fargo To Announce $1BN Settlement On "Risk Management"
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Title : "Biggest Fine Ever": Wells Fargo To Announce $1BN Settlement On "Risk Management"
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Title : "Biggest Fine Ever": Wells Fargo To Announce $1BN Settlement On "Risk Management"
link : "Biggest Fine Ever": Wells Fargo To Announce $1BN Settlement On "Risk Management"
news-today.world | In a story that sounds suspiciously similar to another report published by Reuters roughly two weeks ago, the Wall Street Journal said Thursday that Wells Fargo is nearing a $1 billion settlement on its risk management with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency; that would be the largest fine ever levied by the CFPB. The deal could be announced as soon as tomorrow, the WSJ said, citing an unspecified number of "people familiar with the matter."
For the Warren Buffett's favorite scandal-plagued bank, the settlement won't just be a monetary punishment, but also the latest public reminder of its myriad criminal misdeeds.
What's worse, it would also come with increased oversight of how the bank - which was officially chastised by the Fed in Janet Yellen's last action as Fed chair - compensates its employees. The latter issue appears to be a reaction to the bank's unusual incentives system, which employees said had encouraged them to open millions of fraudulent accounts during the Wells' now-infamous cross-selling scandal.
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For the Warren Buffett's favorite scandal-plagued bank, the settlement won't just be a monetary punishment, but also the latest public reminder of its myriad criminal misdeeds.
What's worse, it would also come with increased oversight of how the bank - which was officially chastised by the Fed in Janet Yellen's last action as Fed chair - compensates its employees. The latter issue appears to be a reaction to the bank's unusual incentives system, which employees said had encouraged them to open millions of fraudulent accounts during the Wells' now-infamous cross-selling scandal.
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You are now reading the article "Biggest Fine Ever": Wells Fargo To Announce $1BN Settlement On "Risk Management" With link address https://newstoday-ok.blogspot.com/2018/04/biggest-fine-ever-wells-fargo-to.html