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How will Wells Fargo's stock perform relative to other major banks by December 31, 2024?
3
Resolution / Starting Odds
Wells Fargo outperforms all major banks • 25%
Wells Fargo outperforms some major banks • 25%
Wells Fargo underperforms some major banks • 25%
Wells Fargo underperforms all major banks • 25%
Stock price data from financial markets
Story
OCC Issues Enforcement Action Against Wells Fargo, Shares Fell 4%
Sep 12, 2024, 06:13 PM
The Office of the Comptroller of the Currency (OCC) has issued an enforcement action against Wells Fargo Bank, N.A. due to significant deficiencies in its financial crimes risk management and anti-money laundering controls. The formal agreement highlights issues in suspicious activity and currency transaction reporting, as well as customer due diligence. Following the announcement, shares of Wells Fargo ($WFC) fell 4% in afternoon trading, impacting financials ($XLF). The bank has committed to enhancing its anti-money laundering and sanctions risk management practices, including obtaining OCC approval for its risk assessment program for new offerings and adhering to notice requirements before expansion.
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