With execs in hot seat, Wells Fargo gets OK for bankruptcy plan

With execs in hot seat, Wells Fargo gets OK for bankruptcy planRetail banking giant Wells Fargo has fixed problems in its 2015 bankruptcy plan and will now be allowed to open new international branches, US banking regulators said Monday. A Treasury Department agency found this month found the bank’s board as early as 2005 had received “regular” reports that employee firings and internal ethics complaints were related to unethical sales practices. Monday’s announcement reversed an action taken by the Federal Reserve Board and Federal Deposit Insurance Corporation, which in December jointly found that Wells Fargo had failed to remedy problems in its 2015 bankruptcy plan.



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