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Wells Frago (WFC) comes out of a legal hassle with the termination of the consent order imposed in 2016 relating to the fake account scandal. The order was uplifted by OCC.
SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) said today that Chief Financial Officer Mike Santomassimo will present at the UBS Financial Services Forum on Monday, Feb. 26, 2024 at 8:00 a.m. ET. The live webcast will be available online at https://www.wellsfargo.com/about/investor-relations/events/. A replay of the webcast will be available for three months following the presentation. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services.
A consent order in response to the bank's 2016 fake-account scandal was removed. The news makes it more likely the asset cap on Wells Fargo, resulting from a different consent order, will be removed.
The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo. The consent order concerned deficiencies and unsafe or unsound practices in the bank's risk management and sales practices, the OCC said in a Thursday (Feb. 15) press release.
Wells Fargo's stock rose more than 7% at times Thursday afternoon following the resolution of a consent order placed on the bank for opening fake accounts in the past, after regulators determined sufficient improvements were made for protecting customers, though Wells Fargo still faces scrutiny for the yearslong scandal that tarnished its reputation.
Wells Fargo & Co.'s stock rose Thursday after the bank confirmed it satisfied requirements by federal regulators to overhaul aspects of its operations related to the fake bank accounts scandal, but the company still faces other pending actions.
The Office of the Comptroller of the Currency said Thursday the bank had made sufficient progress revamping its systems that guard against customer harm.
The Office of the Comptroller of the Currency terminated a consent order that forced it to revamp how it sells its retail products and services.
Recently, Zacks.com users have been paying close attention to Wells Fargo (WFC). This makes it worthwhile to examine what the stock has in store.
Along with other bank stocks, Wells Fargo shares have been on a surge. Even after the run-up, however, the stock isn't historically expensive.