Senator Sherrod Brown Asks Wells Fargo To Right Past Wrongs

• Sen. Sherrod Brown, Chair of the Senate Committee on Banking, Housing, and Urban Affairs, has asked Wells Fargo & Co (NYSE: WFC) to stop its mismanagement practices.

• In an open letter to CEO Charles Scharf, the senator urged the company to right past wrongs.

• "Recent revelations of racial disparities in mortgage lending, fake job interviews for minority and female candidates, and anti-money laundering violations are troubling as Wells Fargo, unfortunately, continues to demonstrate its inability to address its longstanding risk management failures," Brown wrote.

• He said that Wells Fargo's inability to manage its affairs fairly has led to its consumers, investors, and employees paying the price.

• Brown called for a review of the bank's refinancing process and cited the bank as "too large to manage" after regulators levied a $250 million fine for unsafe mortgage servicing practices.

• Price Action: WFC shares are trading lower by 0.33% at $45.62 in premarket on the last check Wednesday.

• Photo Via Wikimedia Commons

See more from Benzinga

• Deutsche Bank's DWS CEO Resigns - Read Why

• Lamborghini Sees E-Fuel Super Cars In Its Range Beyond 2030: Reuters

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.