'Wells Fargo is an irredeemable repeat offender; the Fed must act,' Sen. Elizabeth Warren said Tuesday in a letter to Fed Chairman Jerome Powell.
In a letter to Fed Chairman Jerome Powell, the Massachusetts Democrat urged that the scandal-plagued bank be forced to separate its traditional consumer-facing banking business from its investment banking business.
““Continuing to allow this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system.”” Wells Fargo WFC, +0.63% did not specifically comment on Warren’s letter, but released a statement Tuesday saying it is committed to serving customers with “the highest standards.”
But just last week, Wells Fargo was fined another $250 million for not correcting years-old practices that it agreed to fix under a 2018 consent order from regulators — though Wall Street largely shrugged it off.
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