13 Dec 2016
Prudential Financial Inc. on Monday said it would suspend distributing insurance policies through Wells Fargo & Co., following the sales-practices scandal that hit the San Francisco bank.
Prudential’s PRU, -1.41% decision comes as Wells Fargo WFC, -2.38% continues to deal with the fallout from the sales tactics scandal this fall. Federal regulators and the Los Angeles City Attorney’s office announced in September that Wells Fargo opened as many as 2.1 million deposit and credit-card accounts without customers’ knowledge. The company was slapped with a $185 million fine for “widespread illegal” sales practices, and John Stumpf stepped down as chief executive.
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