REUTERS/Noah Berger
- Wells Fargo & Company said Friday it has been hit with a cease and desist order from the Federal Reserve limiting its assets to $ 1.95 trillion.
- Shares of the bank, which have already struggled to grow amid a fake account scandal uncovered in 2016, opened down more than 9% Monday morning.
- You can track Wells Fargo’s stock price in real-time here>>
Shares of Wells Fargo opened down more than 9% Monday morning after the Federal Reserve on Friday issued a rare ban on the bank’s assets swelling past their levels at the end of 2017.
Janet Yellen’s final move as Fed chair will limit the US’ third-largest bank by assets to $ 1.95 trillion on its balance sheet until it ramps up its governance practices following a long-running sales scandal that was exposed in 2016. It’s one of the most drastic measures the US’ banking regulator can issue.See the rest of the story at Business Insider
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SEE ALSO: Fed orders Wells Fargo to halt growth over compliance issues
