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Wells Tumbles As DOJ Launches New Probe After Review Found Widespread "Document Altering"

• https://www.zerohedge.com by Tyler Durdan

According to the WSJ, the DOJ is now probing whether employees committed fraud in Wells Fargo's wholesale banking unit as a after revelations that employees improperly altered customer information. This follows a prior WSJ report that some employees in the unit added information on customer documents, such as Social Security numbers and dates of birth, without their consent.

Meanwhile, the bank's own review discovered in recent months that in its wholesale banking group the problems were more widespread than previously thought: problems with altered documents initially centered in the part of the wholesale banking business called the business banking group, which focuses on companies with annual sales of $5 million to $20 million. Wells Fargo has found similar problems in its commercial banking division, which primarily serves middle-market companies, and its corporate trust services group, which helps with the administration of securities issued by companies and governments, one of the people said.

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