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Wells Fargo faces $1 billion fine from loan abuses

Reuters 

By Aparajita Saxena(Reuters) - Two U.S. regulators have proposed Wells Fargo & Co pay $1 billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank, overshadowing its first quarter results.The San Francisco-based lender, which reported a quarterly profit, said it may have to restate results to reflect the final settlement. The proposed penalties were reported earlier this week by Reuters.Analysts said that while the $1 billion penalty would not make a significant dent to its balance sheet, it may take the bank some time to repair the ...

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First Published: Sat, April 14 2018. 02:13 IST
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