March 1, 2018 / 4:57 PM / 3 months ago

Justice Dept asked Wells Fargo to probe wealth management unit - WSJ

March 1 (Reuters) - The U.S. Department of Justice in late 2017 told Wells Fargo & Co to investigate its wealth management business after whistleblowers accused the bank of pushing inessential products or services to customers, the Wall Street Journal reported on Thursday.

To conduct the investigation, the bank employed law firm Shearman & Sterling, the WSJ reported, citing people familiar with the matter. It is unclear what the firm has found so far in its investigation. on.wsj.com/2oInQmt

Whistleblowers alleged the bank pushed particular products or services to customers which they had no use for, targeting a compensation based on the sale of those products rather than “finding the best fit for the customer”, the WSJ report said.

Wells Fargo declined to comment, while the U.S. DoJ did not immediately respond to Reuters’ request for comment. (Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel)

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