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US Fed: Wells Fargo must halt expansion after 'pervasive misconduct'

The Fed order restricts the bank from growing any larger "until it sufficiently improves its governance and controls," and comes as the company struggles to recover from the two-year-old scandal in which it uncovered millions of phony accounts created without consent of customers. "We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again," outgoing Fed Chair Janet Yellen said in a statement.
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