(Bloomberg) — Hitting banks with multibillion-dollar fines grabs headlines, but a Federal Reserve cap on Wells Fargo & Co.’s assets is becoming the industry’s true terror.The wonky sanction devised by the Fed in early 2018 to force Wells Fargo to address a series of scandals is turning into one of the costliest punishments ever levied by a single regulator. By one method of estimating, Wells Fargo has missed out on roughly $4 billion in profits — and counting — since the cap was imposed, and it’s unclear when the Fed will lift it.That figure calculated by Bloomberg is based on …read more
Source:: Yahoo Finance
