A special committee composed of four independent directors of Wells Fargo & Co. will lead the bank's internal investigation into the fake accounts scandal, Reuters reported Dec. 8, citing a person "familiar with the matter."

The committee is comprised of Chairman Stephen Sanger, Vice Chair Elizabeth Duke, and directors Enrique Hernandez and Donald James.

The board's human resources committee and independent counsel Shearman & Sterling LLP will also work on the probe.

A Wells Fargo spokesman declined to comment to Reuters. Sard Verbinnen & Co., which represents the board, did not immediately respond to requests for comment, according to Reuters.

Wells Fargo continues to deal with the fallout from its aggressive incentives that led to the opening of more than 2 million unauthorized bank accounts. The company was fined $185 million in September and has fired some 5,300 employees over the matter. Since then, Wells Fargo has been under the political spotlight, has lost some of its business, and faces several lawsuits.