Wells Fargo Admits That It Will Remain In A Bad Bank Time Out For 2019

America’s naughtiest lender will stay under Fed punishment for the whole year.
Author:
Publish date:
Updated on
Screen Shot 2019-01-15 at 12.56.20 PM

How is your 2019 going so far, Tim Sloan?

Wells Fargo will continue to operate under a Federal Reserve restriction on its growth through the end of this year, its CEO said on Tuesday, longer than previously estimated.
Shares of the San Francisco bank fell nearly 3 percent on Tuesday.

We'll take that as a "so-so"?

Are you still being persecuted for that massive fraud, and the other smaller plethora of frauds, and then the other ones, and also the sense that there are more frauds yet to be uncovered in an uncertain future?

Wells Fargo is still working through its regulatory issues after the Federal Reserve reportedly rejected the bank’s plan to prevent more consumer abuses. On Tuesday, CEO Tim Sloan said the bank would continue to operate under a Fed-imposed cap on asset growth through the end of this year, months longer than he previously indicated in December.

We'll take that a "yes."

And we'll also remind everyone that it's probably high time for Gary Cohn to take the reins of The Stagecoach.

Wells Fargo will operate under Fed’s growth cap through the end of this year, CEO says [CNBC]

Related