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Wells Fargo’s Problems Are Far From Over Even After Record $3.7 Billion Settlement
- CFPB says consent order doesn’t mean the agency’s work is done
- Bank to book $3.5 billion in litigation, remediation costs
A Wells Fargo bank branch in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Wells Fargo & Co. agreed to pay $3.7 billion to settle allegations that for years it mistreated millions of customers, causing some to lose their cars or homes. That record-setting amount still doesn’t mean the bank’s problems are over.
The head of the Consumer Financial Protection Bureau vowed that his agency might put further limitations on the bank. And the company itself warned it will have to set aside billions more in the fourth quarter to cover not only Tuesday’s settlement but other litigation as well.