Wells Fargo under federal investigation - reports

Economy | Top Story | Markets 9/14/2016, 9:50 PM
Wells Fargo under federal investigation - reports

Wells Fargo & Company is under the investigation of the United States federal prosecutors with potential to lead to criminal inquiry, according to several reports of the media who cited their sources. The bank has been served with subpoena.

Wells Fargo shares fell 0.88% to $46.58 at 9:48 p.m. CET.

The investigation is in early stages, but the officials announced on September 8 that the San Francisco, California-based bank will have to pay a total of $190 million in penalties for opening fee-generating accounts for customers who never requested new accounts.

Wells Fargo accepted to pay penalties in an agreement with federal regulators and prosecutors in California. The Consumer Financial Protection Bureau (CFPB) should receive $100 million, while customers are to receive a total of $5 million, out of the total penalties.

TeleTrader Newsroom / ZR

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