US banking giant Wells Fargo fined €5.9m by Central Bank for ‘serious’ breaches

The Central Bank has slapped a fine of almost €5.9m on Wells Fargo, the US banking giant which has a major European office in Ireland servicing US multinationals, for five “serious” breaches, including failing to properly report the amount of capital it had in the Irish bank.

The fine would have been as much as €8.4m but was reduced by around a third under a settlement scheme.