- Wells Fargo (NYSE:WFC) financial advisers at the bank's wealth-management business allegedly pushed clients into products that generated more fees and sometimes moved client assets between different products or investing platforms to generate more revenue and larger bonuses, the Wall Street Journal reports, citing more than 24 former employees and documents.
- A Wells Fargo spokeswoman told the WSJ that the bank is thoroughly reviewing the wealth- and investment-management business and is making significant progress in identifying and fixing any issues.
- The U.S. Department of Justice and the U.S. Securities and Exchange Commission are investigating allegations made by six Wells Fargo financial advisers since September.
- Previously: Wells Fargo is said to pressure high-net-worth wealth managers to focus on sales: Yahoo (NASDAQ:AABA) Finance (July 18)
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