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It’s time to break up Wells Fargo, says Elizabeth Warren

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For years, Senator Elizabeth Warren has been threatening to break up America’s big banks. Now for the first time, she has a specific one in mind: Wells Fargo. On Monday, the Democrat from Massachusetts wrote a letter asking Federal Reserve chairman Jerome Powell to do it by revoking the bank’s financial holding company license. That would force Wells Fargo to split the banking and Wall Street sides of its business apart, making it nearly impossible for it to conduct any sort of non-banking business.

Warren argues regulators have given Wells Fargo ample opportunities to fix its myriad problems, but the bank hasn’t really done jack. Consequences, therefore, should be serious.........

© Fast Company

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