Wells Fargo pays record $1 billion fine

From ZeroHedge:

As was widely expected, Wells Fargo announced today that it has agreed to pay a $1 billion fine to the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau in what is the largest fine ever levied by the CFPB in its six-year existence.

The fine was levied over Wells’ shady sales practices, including the opening of millions of fraudulent accounts in its retail bank, and abuses in its auto-lending and mortgage lending divisions.

As a result, the company will need to adjust its already unremarkable first quarter results…

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