US agencies reject Wells Fargo resolution plan
Bank faces further curbs on its activities if it cannot improve plan sufficiently
Wells Fargo has been told for a second time that its resolution plans are not up to scratch. The US bank now has until the end of March to remedy the problems or face tougher penalties.
In a joint statement, the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said five banks found wanting in a 2015 assessment had been re-examined. Bank of America, BNY Mellon, JP Morgan Chase and State Street were all deemed to have solved the outstanding issues.
However, Wells Fargo's legal
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