"Wells Fargo's 2016 Consent Order Lifted by Regulators, Stock Rises"
Wells Fargo announced that the Office of the Comptroller of the Currency has lifted a key penalty related to its 2016 fake accounts scandal, leading to a more than 5% jump in the bank's shares. This marks a significant milestone for the bank, which has retired six consent orders since 2019 under CEO Charlie Scharf's leadership, although eight more remain, including one from the Federal Reserve. The 2016 scandal and related consent order had prompted scrutiny and tarnished the bank's reputation, leading to the retirement of its former CEOs.