EDITORIAL: Punishing Wells Fargo, not its shareholders
Wells Fargo agreed to pay
The
In February, outgoing Federal Reserve Chair
Yellen also announced an unprecedented penalty -- a cap on the bank's growth. The consent order prohibited Wells Fargo from increasing its total assets above
The new chairman of the
Sen.
The chairman and CEO at the time of the sham-account scandal,
The housecleaning is well justified, but the cap on assets is a sledgehammer that risks collateral damage to shareholders and employees if the bank is forced to make long-term business decisions in order to hit an arbitrary number.
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