The shares of Wells Fargo dipped earlier today after the bank received a fine of $250 million for its regulatory negligence.
Wells Fargo Receive A $250 Million Fine
The Office of the Comptroller of the Currency (OCC) has fined leading bank Wells Fargo $250 million. According to the regulatory agency, the fine was due to shortcomings in the bank’s earlier efforts to pay back customers it harmed in the past.
According to the latest report, the OCC has also placed certain restrictions on Wells Fargo’s businesses until the bank sought out the issue and paid for the damages it had caused. The OCC said the bank is yet to meet the requirements of a 2018 consent order.
At the time, the OCC ordered Wells Fargo to pay back the bank customers who were charged excessive or improper fees. Acting Comptroller Michael Hsu pointed out that Wells Fargo is yet to meet the requirements of the 2018 OCC order, and it is unacceptable.
Furthermore, the OCC stated that the bank’s efforts to track and pay back customers who had been harmed in the past by Wells Fargo were insufficient. The regulatory agency cited deficiencies in the bank’s earlier attempts to make amends.
Wells Fargo’s Stock Price Slightly Drops
The fine didn’t affect Wells Fargo’s stock price massively as it only went down by less than 1%. WFC is down by 0.02% so far today and is trading at $44.30 per coin. Despite its recent challenges, Wells Fargo is one of the best-performing stocks in the banking sector this year.
WFC is up by nearly 80% so far this year after an excellent performance in recent months. At the start of the year, Wells Fargo’s stock was trading at $29 per share. However, it has experienced a massive surge in value since then, and it is now trading at $44 per share.