Wells Fargo to refund $80M; job cuts planned for retail bank

Wells Fargo to refund $80M; job cuts planned for retail bank

Wells Fargo and Co. will reimburse $80 million over the coming months to 570,000 customers it says may have been improperly charged for car loan insurance policies. The San Francisco-based bank says it launched a review of its auto collateral protections insurance program a year ago, and discontinued the program in September. In other developments, Wells Fargo will cut 69 executive jobs at its retail bank, part of a restructuring of that division.

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