Trump administration housing officials launch investigation into Wells Fargo over Black-homeownership commitments; WFC falls nearly 2%
What happened
The Wall Street Journal reported that Trump administration housing officials are launching an investigation into Wells Fargo over commitments the bank made to increase homeownership among Black Americans. Shares fell nearly 2%, slightly more than other big-bank shares on a day when financials were already under pressure from rising Treasury yields.
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Start your free 14-day trialWho’s affected & sources
Who’s affected
- Wells Fargo (WFC) -~2%, slightly underperforming other big banks on the day, exposed to regulatory penalties, lending-practice scrutiny, and political headline risk
Sources