Wells Fargo hit with rare growth ban in Yellen’s final act

Wells Fargo stock fell to $60.05 in after-hours trading, down about $4 or 6 percent from its afternoon close.

NEW YORK: After markets closed on her final workday in office, Federal Reserve chair Janet Yellen delivered a blow to one of the nation’s largest banks: Wells Fargo & Co won’t be allowed to grow until it cleans up.

Fed officials said the San Francisco-based lender’ pattern of consumer abuses and compliance lapses called for an unprecedented sanction.