Federal Reserve Imposes New Penalties on Wells Fargo - NBC4 Washington
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Federal Reserve Imposes New Penalties on Wells Fargo

Shares of the bank fell more than 2 percent in after-hours trading

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    People walk by a Wells Fargo bank branch on Oct. 13, 2017, in New York City.

    The Federal Reserve said Friday it is restricting Wells Fargo's size in response to "widespread consumer abuses."

    As a result, Wells Fargo plans to replace three directors by April and a fourth by the end of the year, CNBC reported.

    Shares of the bank fell more than 2 percent in after-hours trading.