Federal agencies' investigations into Wells Fargo & Co.'s sales practices have reached the bank's wealth management unit, The Wall Street Journal reported, citing "people familiar with the matter."
The San Francisco-based company reported an internal review of the division in its March 1 annual Form 10-K. Now the WSJ's sources say the U.S. Justice Department and the SEC are conducting their own probes, and FBI agents have been interviewing wealth management employees in Phoenix.
The illegal sales practices were originally identified in Wells Fargo's retail banking unit. Whistleblowers allegedly tipped off the Justice Department about it being more widespread.
