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Elizabeth Warren Asks the Fed to Break Up Wells Fargo



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Senator Elizabeth Warren says Wells Fargo has run out of time to fix the many internal problems that have harmed its customers.In a letter to the Federal Reserve chair, Jerome H. Powell, on Monday, Ms. Warren asked the Fed to force the financial giant to break off its core banking activities, like offering checking and savings accounts and loans, from its other financial services.Divorcing Wall Street-centric work — which can include managing investment funds and providing financial market sales and trading services — from the bank would ensure that Wells Fargo’s everyday customers did not continue to suffer, Ms. …

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