2018-03-04 —

Wells Fargo's review of its wealth and investment management unit is looking at "whether there have been inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of brokerage customers to the company's investment and fiduciary services business," the filing said.

The Wall Street Journal reported that the Justice Department asked the bank late last year to conduct the independent investigation after whistle-blowers reported problems in the unit.

The annual report noted that a separate review of the wealth and investment management unit determined certain fiduciary and custody accounts had been subject to incorrect fees "resulting in customer overcharges."


In the whistle-blower lawsuit, filed Wednesday, Matthew Valles said he was fired from the bank's Portland office after complaining Wells Fargo would summarily close accounts where there was possible fraudulent activity, even if it was the account holder who alerted the bank.

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