Wells Fargo has suffered the consequences of repeat scandals since 2016. This week, the bank agreed to a $1 billion settlement with federal regulators who have cited their lack of effective risk management practices as the root cause of their woes.
This settlement with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency would be another blow to Wells Fargo in a long line of many.
Let’s look at a timeline of Wells Fargo’s risk management scandals:
- 2009-2016 – Wells