When a scandal over unauthorized accounts rocked Wells Fargo & Co's retail division last fall, executives at its asset management arm sprang into action to limit its fallout at an already tough time for their business.
U.S. stock index futures gave up some gains on Friday after disappointing quarterly reports from Bank of America and Wells Fargo. Shares of Bank of America fell 0.7% to $22.76 in premarket trading after the lender's quarterly profit beat estimates, but its revenue fell short.
The U.S. Commodity Futures Trading Commission (CFTC) filed and simultaneously settled charges against Wells Fargo Bank N.A. (Wells Fargo) for failing to comply with its obligations to submit accurate large trader reports (LTRs) for physical commodity swap positions, in violation of the Commodity Exchange Act and CFTC Regulations 20.4 and 20.7.