Singapore central bank expects economy to grow closer to 3%

News

Regulators have identified lapses in Wells Fargo’s anti-money laundering and financial crimes risk management practices, the latest compliance issue for the US bank. 

The Office of the Comptroller of the Currency, one of the main US banking regulators, said on Thursday that Wells, the country’s fourth-largest lender by assets, had agreed to take remedial steps.

“We have been working to address a substantial portion of what’s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments,” Wells said in a statement. 

Shares in the bank, which remains under a 2018 asset cap for past regulatory issues, were down about 3 per cent following the announcement. 

Articles You May Like

Trump and Harris both head to Pennsylvania in campaign’s final leg
Trump and Harris make final appeals as US election goes down to the wire
Mixed results for Southeast bond referendums, Puerto Rico gets new governor
Dust settles with no radical change in statehouses
What the stock market typically does after the U.S. election, according to history