Wells Fargo & Company (NYSE: WFC) has issued a statement regarding a formal agreement between Wells Fargo Bank, N.A. and the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering (AML) and sanctions risk management practices. The agreement’s requirements include enhancements to AML and sanctions risk management practices, obtaining the OCC’s acceptance of the bank’s program for assessing the AML and sanctions risks of new offerings, and then providing notice to the OCC before expanding certain of those offerings.
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets. The company provides a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through its four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
In the communities it serves, Wells Fargo focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations.
While the press release provides valuable background information, it does not include specific metrics or changes since the last period. For a more detailed report on Wells Fargo's financial performance, it would be essential to delve into specific financial metrics such as revenue, net income, assets under management, and any changes or trends in these figures compared to previous periods. Following these announcements, the company's shares moved -4.0%, and are now trading at a price of $51.57. Check out the company's full 8-K submission here.
