Thu. Mar 13th, 2025

Wells Fargo Drops as U.S. Seeks Fixes to Money Laundering Controls

Wells Fargo & Co. fell the most in more than two years after the U.S. ordered the bank to halt new consumer loans and open-market trading as part of an investigation into potential money-laundering controls. The Federal Reserve and Office of the Comptroller of the Currency are examining whether the bank has adequate safeguards to prevent illicit activity, according to people familiar with the matter. The Fed and OCC declined to comment.

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