U.S. Bancorp Fined for Insufficient Controls
MetLife posted better-than-expected earnings in Q4
MetLife (MET) posted revenue of $15.75 billion in the fourth quarter. The company’s net income came in at $2.14 billion in 4Q17—compared to a loss in the same period last year. MetLife’s net income surpassed analysts’ expectations. For fiscal 2017, MetLife’s net profit stood at $3.75 billion.
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U.S. Bancorp fined $613 million
U.S. Bancorp (USB), the nation’s fifth-largest bank (XLF), was fined $613 million by Geoffrey S. Berman, the United States Attorney for the Southern District of New York. U.S. Bancorp was fined due to lax anti-money laundering controls and regulatory compliance that didn’t detect suspicious transactions—including Scott Tucker’s illegal payday lending operation.
Wells Fargo to sell Puerto Rico business
Wells Fargo (WFC) agreed to sell its Puerto Rico banking subsidiary to Popular for ~$1.7 billion. The all-cash deal includes ~$1.5 billion in retail auto loans and $340 million in commercial loans from Wells Fargo’s Reliable Financial Services unit. Last year, Wells Fargo lost its status as the top US auto lender (BAC). Wells Fargo is retreating from the auto lending business.