Wells Fargo disclosed in a regulatory filing Monday the Department of Justice (DOJ) has opened an investigation into the bank’s “hiring practices related to diversity.”
In a quarterly filing with the Securities and Exchange Commission, the bank said government agencies, including the DOJ, have “undertaken formal or informal inquiries or investigations” regarding its hiring practices. Wells Fargo further acknowledged a securities fraud class-action lawsuit it faces alleging the company and some executive officers made “false or misleading statements” about hiring practices related to diversity.
