Financial services provider Wells Fargo (NYSE:WFC) has reached a settlement with the Consumer Financial Protection Bureau (CFPB) for the resolution of multiple multi-year issues associated with automobile lending, consumer deposit accounts, and mortgage lending that affected more than 16 million customers.
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The regulatory body recognized WFC’s efforts towards corrective actions and remediation since 2020 and as part of the settlement, WFC will pay $1.7 billion in civil penalties.
In relation to the settlement, the company now expects a $3.5 billion operating loss expense for the quarter ending December 31.
Shares of the company have now dropped more than 10% over the past month.
Analysts are cautiously optimistic about WFC stock with a Moderate Buy consensus rating based on seven Buys and five Holds.
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