February 2, 2018 / 11:37 PM / 21 days ago

BRIEF-Wells Fargo says to satisfy consent order with Federal Reserve

Feb 2 (Reuters) - Wells Fargo & Co:

* WELLS FARGO COMMITS TO SATISFYING CONSENT ORDER WITH FEDERAL RESERVE

* “‍CONFIDENT IT WILL SATISFY REQUIREMENTS OF CONSENT ORDER IT AGREED TO TODAY WITH BOARD OF GOVERNORS OF FEDERAL RESERVE SYSTEM”​

* UNDER CONSENT ORDER, CO WILL PROVIDE PLANS TO FEDERAL RESERVE WITHIN 60 DAYS THAT DETAIL WHAT ALREADY HAS BEEN DONE, AND IS PLANNED

* ‍IN ADDITION, ORDER IS NOT RELATED TO WELLS FARGO‘S FINANCIAL CONDITION​

* WELLS FARGO CEO TIMOTHY SLOAN SAYS “WE TAKE THIS ORDER SERIOUSLY AND ARE FOCUSED ON ADDRESSING ALL OF FEDERAL RESERVE‘S CONCERNS”

* AFTER FEDERAL RESERVE APPROVAL, CO WILL ENGAGE INDEPENDENT THIRD PARTIES TO CONDUCT REVIEW TO BE COMPLETED NO LATER THAN SEPT. 30 Source text for Eikon: Further company coverage:

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