No evidence of WFC problems at other banks – Seeking Alpha


Despite the penalties imposed on Wells Fargo (NYSE:WFC), there is probably no broader problem in the U.S. banking industry over abusive sales practices, according to the head of the Consumer Financial Protection Bureau.

Regulators fined the company a total of $185M last Thursday, while Moody’s warned the episode would negatively affect the bank’s debt. Wells paid another $5M to customers for creating more than 2M fake accounts.

Related tickers: JPM, C, BAC, MS, USB, COF, FITB, TD, PNC, STI

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