Benzinga | Sep 1, 2021 11:06AM EDT

Why Wells Fargo Shares Are Trading Lower Today

Wells Fargo & Co (NYSE:WFC) is trading lower Wednesday on continued weakness after Bloomberg reported the company could see regulatory action over the speed of its restitution payments.

According to reports, regulators are signaling that they are still not satisfied with Wells Fargo's progress in compensating victims and shoring up controls after five years of scandals that already cost the bank more than $5 billion in fines and legal settlements.

Wells Fargo announced today that it joined AutoFi's North American network of automotive lenders to provide car buyers and dealers with fast and easy online sales and financing.

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

WFC Price Action: Wells Fargo has traded as high as $51.41 and as low as $20.76 over a 52-week period.

The stock was down 3.07% at $44.28 at time of publication.

Photo by Mike Mozart from Flickr.