Federal Reserve Replaces Board Members at Wells Fargo
February 02 2018 - 6:45PM
Dow Jones News
By Ryan Tracy and Emily Glazer
The Federal Reserve on Friday ordered Wells Fargo & Co. to
replace four of its board members and face restrictions on its
asset growth.
The Fed's order limits growth in the firm's total consolidated
assets beyond levels reported at the end of 2017, unless it
receives prior approval from the regulator.
The bank will also replace three current board members by April
and a fourth by the end of 2018, the Fed said in a press
release.
"We cannot tolerate pervasive and persistent misconduct at any
bank and the consumers harmed by Wells Fargo expect that robust and
comprehensive reforms will be put in place to make certain that the
abuses do not occur again," Fed Chairwoman Janet Yellen said in a
statement about what will likely be her last major act in charge of
the Fed's governing board. "The enforcement action we are taking
today will ensure that Wells Fargo will not expand until it is able
to do so safely and with the protections needed to manage all of
its risks and protect its customers."
Write to Ryan Tracy at ryan.tracy@wsj.com and Emily Glazer at
emily.glazer@wsj.com
(END) Dow Jones Newswires
February 02, 2018 18:30 ET (23:30 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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