- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-02-21T17:52:00
Wells Fargo disclosed investigations by two government agencies into the bank’s diversity hiring practices concluded without enforcement action.
In an annual report filing Tuesday, Wells Fargo said the probes launched by the Department of Justice and Securities and Exchange Commission in 2022 over alleged sham interviews of diverse candidates each closed.
The bank noted a putative securities fraud class-action lawsuit, filed in U.S. District Court for the Northern District of California, alleged the bank and certain executives made “false or misleading statements about the company’s hiring practices related to diversity.”
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A Wells Fargo subsidiary will pay nearly $3 million to settle allegations that it failed to properly supervise an employee attempting to sell unsuitable investment products to retail investors–the fifth time it has been penalized for similar supervisory failings since 2020.
Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
