Wells Fargo and Merill Lynch Paying $60,000,000 Fine for Allegedly Shortchanging Customers While Making Bank on Client Cash

Two Wall Street titans are shelling out a combined $60 million to the U.S. Securities and Exchange Commission for allegedly serving their own interests at the detriment of clients. The SEC says Wells Fargo and Bank of America’s Merill Lynch failed to develop legitimate written policies and procedures for their cash sweep programs. According to […] The post Wells Fargo and Merill Lynch Paying... source: https://dailyhodl.com/2025/01/25/wells-fargo-and-merill-lynch-paying-60000000-fine-for-allegedly-shortchanging-customers-while-making-bank-on-client-cash/