Wells Fargo Share Decreases as It Faces Problems

Employees of Wells Fargo, an American financial services company, have improperly altered information on documents that are related to corporate consumers last year and early 2018 as the company try to comply with a regulatory consent order over anti-money laundering controls, according to a report on Thursday.

People who have knowledge about the matter stated that the employees in the wholesale division have altered the information without the knowledge of its customers, which includes their Social Security numbers, addresses, and birthdays.

The bank just became aware of situation in the past months. Wells Fargo is still investigating the problem and has reported the situation to the Office of the Comptroller of the Currency, who is probing the issue, the report said.

Meanwhile, the shares of Wells Fargo went down 1.4 percent on Thursday.

“This matter involves documents used for internal purposes. No customers were negatively impacted, no data left the company, and no products or services were sold as a result.” a Wells Fargo spokesperson stated in a statement.

“We can't comment directly on regulatory matters, but over the past several months we've built more robust internal processes that reinforce our values, and if we find any situations where behavior violates those values, we take swift action to correct.” the spokesperson added.

Wells Fargo has been struggling to restore the damage from the fake accounts scandal that happened two years ago. The scandal involved the employee of its retail banking division, wherein they made some fake accounts using the name of their consumers to meet the aggressive sale goals.

Since then, problems have been unearthed in the mortgage of the company, auto lending, and wealth management divisions.

However, in its quarterly regulatory filing, the bank stated  that the Department of Justice, the Securities and Exchange Commission, the Department of Labor, and state attorneys general and prosecutor are all involved in the investigation of its sales practices and that the matters are at varying stages now.

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