In financial news, Wells Fargo has failed for the second time this year the “living will” regulatory test—a key evaluation established after the 2008 financial crisis. The test judges whether banks have plans in place to avoid crashing the global economy in the event of a bank failure. Wells Fargo also failed this test in April. Wells Fargo is already under increasing scrutiny over its financing of the Dakota Access pipeline, as well as the massive scandal over the creation of 2 million fake accounts, which Wells Fargo employees opened in order to meet grueling sales targets.
Wells Fargo Fails Key Regulatory Test for Second Time This Year
HeadlineDec 14, 2016