Senator Sherrod Brown Asks Wells Fargo To Right Past Wrongs

Sen. Sherrod Brown, Chair of the Senate Committee on Banking, Housing, and Urban Affairs, has asked Wells Fargo & Co WFC to stop its mismanagement practices.
In an open letter to CEO Charles Scharf, the senator urged the company to right past wrongs.
"Recent revelations of racial disparities in mortgage lending, fake job interviews for minority and female candidates, and anti-money laundering violations are troubling as Wells Fargo, unfortunately, continues to demonstrate its inability to address its longstanding risk management failures," Brown wrote.
He said that Wells Fargo's inability to manage its affairs fairly has led to its consumers, investors, and employees paying the price.
Brown called for a review of the bank's refinancing process and cited the bank as "too large to manage" after regulators levied a $250 million fine for unsafe mortgage servicing practices.
Price Action: WFC shares are trading lower by 0.33% at $45.62 in premarket on the last check Wednesday.
Photo Via Wikimedia Commons

Overview Rating:

Good

100

0100