Wells Fargo said facing Department of Justice investigation

Wells Fargo Portland Oregon

Wells Fargo is facing a Department of Justice investigation into whether employees in the company’s wholesale-banking business improperly altered customer data, a person familiar with the matter said.

Bloomberg News reports that the changes were made to meet a regulatory deadline, the Wall Street Journal reported earlier Thursday.

“This particular situation involved a new process and a new required document called Certification of Beneficial Owners that our team members have to complete to help ensure we know our customers,” said Alan Elias, a spokesman for the San Francisco-based bank. “We’ve recognized that in certain circumstances additional training and new procedures were needed and have now been applied.”

Hit the link below to access the complete Bloomberg News article:

Wells Fargo Said to Face DOJ Probe of Wholesale-Banking Unit

Deutsche Bank Courts New York Hedge Funds After Cuts


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