Wells Fargo probing wealth business over alleged customer abuse

Spurred by inquiries from government agencies, Wells Fargo is examining its wealth management and investment businesses over possible abuses including overcharging and inappropriate referrals.

St. Louis-based Wells Fargo Advisers is part of the company’s wealth and investment business, but the investigation is not only about Wells Fargo Advisers, the company said.

The U.S. Justice Department reportedly told Wells Fargo in late 2017 to look into its wealth management business after whistleblowers said the bank had pushed unnecessary products and services on customers.

Read more: St. Louis Post-Dispatch

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