Wells Fargo Stocks Sink After Fed Punishment
WELLS FARGO STOCK TUMBLES AFTER HARSH PENALTY FROM FED
(CNN) – Wells Fargo stock is tumbling after the federal reserve’s unprecedented punishment of the bank.
The stock was down 7% before the opening bell on Monday.
The Fed won’t allow wells to grow any larger than it was at the end of last year until it cleans up its act.
The Central Bank cited “widespread consumer abuses,” including the creation of millions of fake customer accounts.
According to a Fed official; it’s the first time the Fed has put a limit on a financial institution’s entire assets.
The penalty was announced after the markets closed on Friday.