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The Federal Reserve rejected Wells Fargo's plan to prevent more consumer abuses by the embattled bank, adding it needs stronger checks on the company's management, Reuters reported citing three people with knowledge on the matter.
According to the report, the Fed thinks Wells Fargo needs to implement measures to significantly improve risk management and governance controls. Earlier this year, CEO Tim Sloan said Wells was "on the fast track" to meet the Fed's conditions.
Shares of Wells Fargo fell 1.3 percent following the news.
The report said Wells sent its original plan to the Fed in April with the expectation the central bank would approve it over the summer. Instead, the Fed denied Wells' proposal.
Wells Fargo has been struggling to recover from a scandal two years ago in which it was discovered that thousands of employees opened multiple accounts in their names without their consent. Over the past two years, the stock is down more than 6 percent while the S&P 500 is up 22 percent in that time period.
In a statement, Wells Fargo said the company is "in frequent and consistent dialogue with our regulators, including discussions regarding consent orders, and we work diligently to address feedback provided. This is an ongoing, iterative process."