💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Wells Fargo's banking agreement with Nevada extended

Published 04/17/2017, 08:40 AM
Updated 04/17/2017, 08:50 AM
© Reuters. FILE PHOTO -  Wells Fargo branch in the Chicago suburb of Evanston Illinois
WFC
-

(Reuters) - Wells Fargo & Co (N:WFC) said on Monday the State of Nevada had extended its banking agreement with the scandal-hit lender until 2021.

Several states, including California, Illinois and Ohio, have severed ties with the bank following a sales scandal that cost former Chief Executive John Stumpf his job.

Wells Fargo's agreement with Nevada also comes with a two-year renewal option.

The bank has been dealing with multiple lawsuits and regulatory inquiries since government investigations found in September that some of its employees had opened more than two million accounts without customers' knowledge.

© Reuters. FILE PHOTO -  Wells Fargo branch in the Chicago suburb of Evanston Illinois

Wells Fargo has been working to win back customer confidence following the scandal and paying a $185 million fine to the U.S. government. It has fired more than 5,000 employees, apologized to customers, changed compensation plans and scrapped sales targets.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.