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Fed's Wells Fargo punishment sets precedent for harsher era
Published in 6-2-2018
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The Federal Reserve just devised a harsh new punishment after Wells Fargo landed in scandal after scandal - one that may haunt every big bank. The San Francisco-based lender was banned late Friday from growing until it convinces authorities it's addressing shortcomings - an action that could cost it $400 million in profit this year and pushed shares down by the most in more than two years on Monday. Untested is how the cap on total assets will affect the company long term by handing its largest competitors an advantage in pursuing new business.