Wells Fargo and Company (WFC)

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Foreign news: Wells Fargo account scandal extends to business customers, Barclays out of Egypt

NEWSBITES 12:01 AM ET 10/6/2016
Symbol Last Price Change
WFC 44.985up -0.005 (-0.01%)
BCS 8.84 +0.04 (+0.45%)
QUOTES AS OF 10:49:01 AM ET 10/06/2016
BANKING DAY NEWS BITES

The Wells Fargo(WFC) scandal has deepened, with Reuters reporting that the US bank's corrupt sales practices extended beyond retail customers to thousands of small business accounts. Senator David Vitter, a member of the US Senate's banking committee and small business committee, has claimed that businesses customers were affected and demanded that the bank give a "full account". The bank opened more than two million customer accounts without authorisation to meet sales targets.

Barclays (BCS) has withdrawn from the Egyptian market, selling its business to Morocco'sAttijariwafa Bank. The business was valued at US$400 million, according to The Guardian. The bank is also reported to be looking for a buyer for its African operations.

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