the federal reserve and the treasury department on thursday fined wells fargo  co wfc a combined 978 million for “deficient oversight” that allowed the bank to allegedly violate us sanction regulations the fed’s fine of 678 million included in the 978 million total is for “unsafe or unsound practices” related to historical inadequate oversight of sanctions compliance risk at its wells fargo bank na unit the bank violated us sanctions by providing a trade finance platform to an unnamed foreign bank which used the platform to process 532 million in prohibited transactions between 2010 and 2015 according to a statement the fine marks the latest of several enforcement actions against the bank including a 193 trillion asset cap that was placed on it in 2018 by the fed wells fargo stock is down nearly 10 in 2023 compared to a 5 gain by the sp 500 spx 