Wells Fargo branch. Photo: Daniel Tepper/Bloomberg
Some employees in a Wells Fargo & Co. unit that handles business banking improperly altered information on documents related to corporate customers, the Wall Street Journal reported, citing people familiar with the matter.
According to the Journal, the employees in Wells Fargo's so-called wholesale unit added or altered information — including social security numbers, addresses and birth dates for people associated with business-banking clients — without customers' knowledge.
The Journal reports that the behavior took place 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 employees were also working to get documents in order prior to new requirements from another regulator for disclosures related to proof of beneficial ownership of businesses, according to the Journal.
The Journal reports that Wells Fargo became aware of the behavior in recent months from employees, and, after investigating, the bank discovered the behavior wasn't an isolated incident.
