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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo    WFC

WELLS FARGO (WFC)
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Wells Fargo employees altered business customers' information: WSJ

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05/17/2018 | 04:19pm CEST
FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) - Some employees in a Wells Fargo & Co unit that handles business banking improperly changed information on documents related to corporate customers, the Wall street Journal reported on Thursday, citing people familiar with the matter.

Wells Fargo's shares were down 1.4 percent in early trading.

The employees in Wells Fargo's so-called wholesale unit, which is separate from its retail bank, added or altered information without customers' knowledge, the Journal reported.

The information added varied from social security numbers to addresses to dates of birth for people associated with business-banking clients, the WSJ reported.

The incident happened in 2017 and early 2018 as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank's anti-money-laundering controls, the report said.

Wells Fargo became aware of the behavior in recent months from employees, according to the Journal.

The bank has reported the problem to the Office of the Comptroller of the Currency and the agency is probing the problem, the WSJ said, citing a person familiar with the matter.

The bank, smarting from a prolonged sales scandal in its retail banking business, is still leading to probes by regulators.

Wells Fargo did not immediately comment on the matter.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel)

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Financials ($)
Sales 2018 86 686 M
EBIT 2018 30 252 M
Net income 2018 20 759 M
Debt 2018 -
Yield 2018 2,83%
P/E ratio 2018 13,45
P/E ratio 2019 11,24
Capi. / Sales 2018 3,23x
Capi. / Sales 2019 3,18x
Capitalization 280 B
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Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 61,5 $
Spread / Average Target 6,0%
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NameTitle
Timothy J. Sloan President, Chief Executive Officer & Director
Elizabeth A. Duke Independent Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Scott Dillon Chief Technology Officer
John Daniel Baker Independent Director
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