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Wells scandal shows bank culture still a problem: Fed's Dudley

NEW YORK (Reuters) - The scandal at Wells Fargo & Co (WFC.N), which opened millions of unauthorized accounts, "underscores that we have a lot more work" to do to fix the culture within big U.S. banks, one of the country's top financial regulators said on Wednesday.

William Dudley, president of the Federal Reserve Bank of New York, made the comment at a Lotos Club dinner a day before his Fed bank is to host a conference "Reforming Culture and Behavior in the Financial Services Industry."

Last month, Wells Fargo agreed to pay a $190 million settlement over its staff opening as many as 2 million accounts without customers' knowledge. The misconduct triggered a raft of federal and state investigations and led to the resignation last week of its chief executive and chairman, John Stumpf.



(Reporting by Jonathan Spicer; Editing by Leslie Adler)