U.S. Markets closed

Federal Probe Expands to Wells Fargo Wealth Management

The federal investigation of Wells Fargo’s retail-banking sales practices has been a headache for advisors in its wealth-management unit because it tainted the entire company and carried the potential to scare away clients. The headaches are probably going to get worse, because now that probe is looking directly at the wealth-management business, The Wall Street Journal reports, citing sources familiar with the matter. Both the Justice Department and the SEC are conducting the investigation into the wealth-management unit, and FBI agents have been interviewing some of its employees in the Phoenix area, those sources said.