The Goldman Sachs Group, Inc. 's GS European unit — Goldman Sachs Bank Europe SE — was recently fined an administrative penalty of €6.63 million by the European Central Bank ("ECB") for credit risk reporting errors and miscalculating risk-weighted assets (RWAs). Particularly, ECB said that Goldman misclassified corporate exposures and applied a lower risk weight. With this, GS underreported the credit risks associated with RWAs for eight straight quarters from 2019 to 2021. Wells Fargo & Company WFC agreed to pay $1 billion for overstating its progress on resolving the 2016 fake account scandal, and thereby defrauding shareholders. Since 2018, WFC has been under consent orders from Federal Reserve and two other financial regulators to improve its governance and oversight.