Shares of banks and other financial institutions continued their rally.
Wells Fargo's stock rose 7.2% after the bank confirmed it satisfied requirements by federal regulators to overhaul aspects of its operations related to the fake bank accounts scandal. The company said the Office of the Comptroller of the Currency has closed a consent order it issued in 2016 that called for the bank to revamp how it offers and sells products and services to consumers. It's the sixth consent order that has been terminated against Wells Fargo since 2019, but the bank still has eight more outstanding on other issues, including an asset cap imposed by the Federal Reserve.
Citigroup gained 2.3% after Chief Executive Jane Fraser's efforts to simplify the bank won praise from Piper Sandler.
CBIZ finished at a record close after the financial services company forecast revenue growth of 7% to 9% for 2024.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
02-15-24 1857ET
