Federal Reserve Imposes New Penalties on Wells Fargo

Shares of the bank fell more than 2 percent in after-hours trading

The Federal Reserve said Friday it is restricting Wells Fargo's size in response to "widespread consumer abuses."

As a result, Wells Fargo plans to replace three directors by April and a fourth by the end of the year, CNBC reported.

Shares of the bank fell more than 2 percent in after-hours trading.

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