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Wednesday, February 22, 2023

Wells Fargo Discloses Messaging App Probe

Wells Fargo & Co. stated that US regulators are investigating its retention of worker communications over unapproved messaging apps, the most recent financial institution to get caught up in an industrywide sweep that’s already yielded over $2 billion in fines. 

Probes by the Securities and Change Fee and the Commodity Futures Buying and selling Fee had been disclosed Tuesday in a regulatory submitting. They’re investigating “compliance with records-retention necessities regarding enterprise communications despatched over unapproved digital messaging channels,” San Francisco-based Wells Fargo stated.

A lot of Wells Fargo’s greatest rivals have already settled with the SEC and CFTC over the matter. JPMorgan Chase & Co. agreed to pay $200 million in late 2021. A dozen extra, together with Financial institution of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley, reached settlements in September. 

HSBC Holdings Plc Chief Govt Officer Noel Quinn stated earlier Tuesday that the agency near reaching a cope with US regulators over the identical subject. 

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