Wells Fargo is expected to be closer to settlement over the sales system

Wells Fargo is expected to be closer to settlement over the sales system

According to two people familiar with the matter, Wells Fargo is preparing to negotiate with federal prosecutors and the Securities and Exchange Commission over its massive abuse of banking, auto-financing and mortgage business customers.

According to the people, settlements could be announced by Friday as people spoke on condition of anonymity because the contracts were not yet public.

The size of the fine could not be determined immediately, but Wells Fargo has put $ 1.5 billion into legal costs to cover sales practices.

Federal prosecutors have also investigated people connected to the bank, but it is still unclear whether any criminal charges will be leveled against a person.

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