Industry watchdogs turn their focus on Wells’ wealth-management services
It seems that we may not have yet seen the end of the Wells Fargo accounts scandal. The Justice Department has taken an increased interest in Wells Fargo’s wealth-management unit following whistle-blower claims that the bank’s wealth-management customers have been affected.
According to a Wall Street Journal (WSJ) article, the Justice Department ordered Wells Fargo to conduct an investigation into the bank’s own wealth-management business, in response to claims of unfair practices. The investigation into any potential wrong-doing is the first focused on services offered by Wells Fargo outside banking, namely its financial and investment advisory business.