Benzinga | Aug 31, 2021 03:18PM EDT

Why Wells Fargo Shares Are Falling

Wells Fargo & Co (NYSE:WFC) shares are trading lower by 6.3% at $45.37 after Bloomberg reported the company could see regulatory action over the speed of its restitution payments.

Bloomberg reported: Five years into scandals that have already cost Wells Fargo & Co. more than $5 billion in fines and legal settlements, regulators are privately signaling they're still not satisfied with the bank's progress in compensating victims and shoring up controls.

Wells Fargo is one of the largest banks in the United States. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking and wealth and investment management.

Wells Fargo has a 52-week high of $51.41 and a 52-week low of $20.76.