Wells Fargo Should Be Broken Up, Warren Says. The Stock Is Rising.

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A customer uses an ATM at a Wells Fargo Bank in San Francisco.

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Wells Fargo should be broken up, Sen. Elizabeth Warren (D., Mass.) wrote in a letter to the Federal Reserve, according to the New York Times.

Warren would like to see the Fed split Wells Fargo’s (ticker: WFC) banking business from its more Wall Street-centered businesses. “Continuing to allow this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system,” the Times quoted Warren as writing.


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