Wells Fargo shares slip on report employees altered customer documents

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Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, October 3, 2017.

Aaron P. Bernstein | Reuters

Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, October 3, 2017.

In a statement, a Wells Fargo spokeswoman said: “This matter involves documents used for internal purposes. No customers were negatively impacted, no data left the company, and no products or services were sold as a result.”

The statement also said, “We can’t comment directly on regulatory matters, but over the past several months we’ve built more robust internal processes that reinforce our values, and if we find any situations where behavior violates those values, we take swift action to correct.”

The San Francisco-based bank has been struggling to repair the damage from a fake accounts scandal that erupted two years ago. That involved employees of its retail banking division creating fake accounts in customers’ names without their knowledge to meet aggressive sales goals. Since then, problems have been unearthed in its mortgage, auto lending and wealth management divisions.

In its quarterly regulatory filing, Wells Fargo said the Department of Justice, the Securities and Exchange Commission, the Department of Labor and state attorneys general and prosecutors are involved in investigations into its sales practices and that the matters are at varying stages.



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