The “matters requiring attention” are specifically focused on concerns of lackluster internal financial controls and a lack of oversight of stock and bond traders, a source said.
for the fresh attention it’s getting, The Post has learned.
The MRAs are specifically focused on concerns of lackluster internal financial controls and a lack of oversight of stock and bond traders, according to the source. “MRAs are a shot across the bow,” Jeffery Smith, a partner at law firm Vorys Sater Seymour and Pease, told On The Money. “It’s a regulator’s way of putting the bank on notice.”Getty Images/iStockphoto
“Wells Fargo is the problem child of the banking family,” the source told On The Money. “And they’re misbehaving yet again.”Wells is still operating under nine consent orders that manage everything from how large they can grow their asset management business to stringent risk management protocols the OCC has imposed.
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