Fine had been widely anticipated and comes after Donald Trump warned that administration planned to hold the bank to account
Wells Fargo has agreed to pay $1bn to settle claims tied to its auto insurance, mortgage and other financial products in what is the largest fine levied against a major bank so far in the Trump administration.
The penalty is part of a settlement between the bank and two regulators, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency, that derives from a series of consumer-practice crises at the bank.
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