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Fed Slaps Wells With Rare Asset-Freeze Punishment, in Yellen's Final Act

Fed officials said the San Francisco-based lender's pattern of consumer abuses and compliance lapses called for an unprecedented sanction. Until Wells Fargo addresses shortcomings in areas including internal oversight, it can't take any action that would boost total assets beyond their level at the end of 2017, without the Fed's permission. The bank said after-tax profit in 2018 would be reduced by $300 million to $400 million and its stock slumped in late trading Friday.
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