Wells Fargo to Pay $3.7 Billion for Mistreating Customers

(Bloomberg) -- Wells Fargo & Co. reached a $3.7 billion settlement with federal regulators, including a record $1.7 billion fine, to cover allegations that for years it mistreated millions of customers, causing some to lose their cars or homes.Most Read from BloombergMusk Is Looking for a New Twitte...

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Hasnain says:

It always disappoints me that white collar crime like this (and wage theft) receives so much less coverage than other types of crime (like say shoplifting) even though the monetary damages are not even within a couple of orders of magnitude. I pray for the day when reporting and consciousness around crime is a little more informed and a little less emotional.

Also why does this make the share price rise?!

“The bank agreed to a consent order with the CFPB without admitting to the agency’s allegations.

Wells Fargo said it expects a pretax operating loss of about $3.5 billion in the fourth quarter, which includes the CFPB civil penalty and remediation, as well as other litigation expenses.

Shares of the company rose 0.7% to $42.11 at 9:57 a.m. in New York.”

Posted on 2022-12-21T02:20:20+0000