Wells Fargo in talks with DOJ, SEC to resolve probes of sales practices

© Reuters. The sign outside the Wells Fargo & Co. bank in downtown Denver

NEW YORK (Reuters) – Wells Fargo (NYSE:) & Co said on Wednesday that it is engaged in preliminary exploratory discussions with the U.S. Department of Justice and the U.S. Securities and Exchange Commission to resolve probes into its sales practices, according to a regulatory filing.

The bank also said it increased the high end of the range of “reasonably possible potential losses” that could be in excess of the company’s accrual for probable and estimable losses as of Dec. 31 to $2.7 billion (2.03 billion pounds). The bank said the increase from the previous high end range disclosed at the end of September was due to several issues, including the bank’s existing retail sales practice matters.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  U.S. President Trump does not want to do business with China's Huawei



Please enter your comment!
Please enter your name here