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

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

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

Bloomberg-

Wells Fargo & Co. 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.

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.”
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