BUSINESS Justice Department asked Wells Fargo to probe wealth management unit: WSJ

BUSINESS

Justice Department asked Wells Fargo to probe wealth management unit: WSJ

Reuters

02:56, March 02, 2018

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The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking

The U.S. Department of Justice in late 2017 told Wells Fargo & Co (WFC.N) to investigate its wealth management business after whistleblowers accused the bank of pushing inessential products or services to customers, the Wall Street Journal reported on Thursday.

To conduct the investigation, the bank employed law firm Shearman & Sterling, the WSJ reported, citing people familiar with the matter. It is unclear what the firm has found so far in its investigation.

Wells Fargo declined to comment, while the U.S. DoJ did not immediately respond to Reuters’ request for comment.

Wells Fargo declined to comment, while the U.S. DoJ did not immediately respond to Reuters’ request for comment.


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