5 years and $5 billion in fines later, Wells Fargo & Co. continues to be in hot water with regulators. U.S. watchdogs have privately signaled they’re nonetheless not happy with the financial institution’s progress compensating victims and shoring up controls, individuals conversant in the scenario instructed Bloomberg. Shares fell 5.6% when the information broke on Tuesday.
Wells Fargo has made restitution funds to thousands and thousands of shoppers after a collection of scandals, similar to creating accounts with out their information. But the financial institution has run into difficulties figuring out who was affected and calculating how badly they had been harmed.