- Sen. Sherrod Brown, Chair of the Senate Committee on Banking, Housing, and Urban Affairs, has asked Wells Fargo & Co (NYSE:WFC) to stop its mismanagement practices.
- In an open letter to CEO Charles Scharf, the senator urged the company to right past wrongs.
- "Recent revelations of racial disparities in mortgage lending, fake job interviews for minority and female candidates, and anti-money laundering violations are troubling as Wells Fargo, unfortunately, continues to demonstrate its inability to address its longstanding risk management failures," Brown wrote.
- He said that Wells Fargo's inability to manage its affairs fairly has led to its consumers, investors, and employees paying the price.
- Brown called for a review of the bank's refinancing process and cited the bank as "too large to manage" after regulators levied a $250 million fine for unsafe mortgage servicing practices.
- Price Action: WFC shares are trading lower by 0.33% at $45.62 in premarket on the last check Wednesday.
- Photo Via Wikimedia Commons
