Wells Fargo Looks to Scratch Off One Scandal Before New CEO's Takes Over
- Bank is said to be negotiating settlement on tax credit probe
- DOJ may reach deal with Wells Fargo exceeding $100 million
Photographer: Andrew Harrer/Bloomberg
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Wells Fargo & Co. is in negotiations to settle a U.S. probe into procurement of low-income housing tax credits as its top lawyer tries to clean up issues before handing off the chief executive officer role.
The U.S. Justice Department is aiming to resolve an investigation into multiple banks’ alleged manipulation of tax-credit bidding in the next couple months, according to people familiar with the matter. Wells Fargo’s settlement could exceed $100 million, said the people, asking not to be identified because no agreement has been reached.