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Fed imposes new penalties on Wells Fargo

The Federal Reserve has imposed unusually harsh penalties on Wells Fargo, punishing it for years of misconduct and barring it from future development till the San Francisco financial institution fixes its issues.

The central financial institution blasted Wells Fargo’s board for failing to supervise the financial institution, and it introduced that the corporate will change 4 members of its 16-person board by the top of the 12 months.

The Fed’s punishment, a forceful intervention by the federal government into the affairs of a giant firm, signifies that one of many nation’s largest and strongest monetary establishments shall be unable to maintain tempo with its fast-growing rivals.

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