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- Wells Fargo Bank (WFC.N) on Friday detailed the Federal Reserve Board (Federal Reserve / FED) to enforce its regulatory new rules, to suppress the shares tumbled Friday afternoon trading. Wells Fargo 2016 sales scandal is still dark.

The Fed said in a statement that "Wells Fargo banks are not allowed to scale up their assets scale of 1.95 trillion U.S. dollars at the end of last year, before they are fully improved in governance and control."

Wells Fargo estimates that this restriction will reduce annual profit for this year by 300 million to 400 million U.S. dollars. The bank will cut some of its balance sheets, such as corporate deposits and trading assets, in order to continue to expand its core business. This reduction is equivalent to 1.5-1.9% of Wells Fargo's 2017 profit.

The Fed said Wells Fargo will also change three board members by April and replace the fourth board member by the end of the year without specifying a specific replacement.

Wells Fargo shares tumbled 6.1% to $ 60.10 in after-hours trading.

Tim Sloan, chief executive, said in a conference call with analysts late Friday that the profit-taking impact of the Fed's consent order on Wells Fargo will be "manageable" and should not affect the bank's decision this year to shareholders Return capital plan.

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