In light of the recent $1 billion fine Wells Fargo has agreed to pay to settle federal consent orders, Moody’s released a report detailing how the penalty will affect the bank’s profits.
The company’s first-quarter earnings will be reduced by several million dollars as a result of the consent orders for actions federal regulators deemed to be “unfair” pertaining to certain customers who applied for mortgage interest-rate-lock extensions and those who were charged for force-placed collateral insurance on their auto loans.
Find out more about Moody’s assessment.