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Wells Fargo Could Take Up to $1B Charge

Wells Fargo’s latest troubles bring to mind words from a popular Britney Spears song: Hit me baby one more time. The embattled bank, which reported better-than-expected first-quarter results last week, warned Friday that it may take a charge of up to $1 billion to settle a regulatory investigation of its consumer business, Bloomberg reports. According to Bloomberg, Wells Fargo is in ongoing discussions with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over issues in its auto lending and mortgage units.