There should be serious discussions around withdrawing their banking license. It's incredibly difficult to get a banking license in this country, and it does not serve the public good to have this predatory institution operating under the aegis of the American government.
Pull their license, let some new entrants into the market.
I am all for a corporate death penalty.
Unfortunately, the FDIC can't just waltz in and shut down the whole damn bank without causing a nation-wide panic attack. Similar to failed banks, something like this would need to be dealt with using a special procedure to prevent bank runs.
I think the best course of action would be to vacate the Wells Fargo board (and all officers), replacing them with members sourced from other US financial institutions.
You could, I suppose, use exactly the same procedure you use for a failed bank, which is force them to auction off their assets and liabilities, rolling their depositors into other, better-behaved banks.
New management is important, and in this case Wells Fargo has had 4 CEOs since the scandal, and multiple board chairpersons. There has been significant turnover on its board and executive team. [2]
[1] https://www.spglobal.com/marketintelligence/en/news-insights...
[2] https://www.reuters.com/business/finance/wells-fargos-long-r...
In a $25T economy, 13 new banks (roughly 1 for every 4 states) effectively rounds down to zero. There is a trivial amount of new bank creation relative to the size and dynamism of our country and economy.
In a more liberal banking regime, one could easily imagine 2022 having seen 13 new banks chartered in the northern half of California alone.
Using this logic, in an infinitely large universe, your comment’s importance effectively rounds down to zero. Arbitrary picking economy output to measure regulatory regime efficiency is ludicrous.
“Wells Fargo is a criminal enterprise masquerading as a bank”
Funny enough, about a decade ago, there was an actual account created that I was able to shutdown. Shady.