Top 10 op risks 2018: regulatory risk
Fed’s cease-and-desist order against Wells Fargo spooks market
Recent enforcement actions by powerful national watchdogs affirm an age-old truth: that there is a cost – a big cost – to breaking the rules. The Federal Reserve’s cease-and-desist order to Wells Fargo in February, which stops the bank from being able to grow at all until it improves its governance and risk management practices, is just the latest sobering example for banks.
This singular action caused Wells to slash its profit estimate for the year by up to $400 million, and has put op risk
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