Welcome to Industry Focus, the podcast that dives into a different sector of the stock market every day.

It's Monday, April 23rd, and we've got a roundup of Financial's news.

Yet another Wells Fargo fine, Morgan Stanley and Goldman Sachs earnings and a data breach at SunTrust.

I'm your host Michael. I'm joined by Matt Frankel. Matt, welcome back.

Let's hop right in because really quite a bit of interesting news for us to talk about today

first off Wells Fargo find a billion dollars from the Consumer Financial Protection

Bureau. Right.

The big deal is not so much that it's a billion dollars.

That's really not that much to a bank like Wells Fargo.

We saw much, much bigger fines a few years ago in the aftermath of the financial crisis.

This is significant for a few reasons.

One, it's the largest penalty ever levied by the CFPB.

And it's just kind of the latest chapter in Wells Fargo's drama. It's not just this $1 billion fine. It's that this is, we'll go through in a minute, but this is the seventh or eighth major news headline they've had in the past year or two.

Yeah, and so with that in mind, let's go ahead and break down exactly what happened with this penalty and then as you noted will expand back

further. So they had wrongly charged insurance on some drivers, right, and they charged mortgage customers

excessive fees. And this affected over half a million customers,

about 600,000 dollars, sorry, about 600,000 customers, and just the refunds on those fees will cost

the bank about $300 million in addition to the billion dollars that they've already paid out.

Right, and I'll just give you a little bit of background on both of those.

The mortgage incident they kind of, they admitted to right away.

What was happening was they would agree to lock in customers rates for a certain amount of time

based on them getting their paperwork in by a certain deadline and if they didn't they were subject to a fine.

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