Wells Fargo says DOJ, SEC diversity hiring probes closed

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.”