Wells Fargo hiring practices investigation overview:
- Who: The U.S. Securities and Exchange Commission and the U.S. Department of Justice are reportedly investigating Wells Fargo hiring practices.
- Why: The federal agencies are reportedly looking into the bankโs diversity hiring practices.
- Where: The Wells Fargo hiring investigations are taking place in the United States.
The U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) are investigating the hiring practices at Wells Fargo.
Wells Fargo reportedly indicated in its quarterly SEC filing that the federal agencies are investigating its diversity hiring practices, according to Law360. The DOJ reportedly launched its investigation a few months ago, and the SEC launched its investigation more recently.
In May, The New York Times reported the bank conducted fake interviews for positions that were no longer available to satisfy the bankโs internal diversity hiring practices.
The bank says it faced several lawsuits related to its diversity hiring practices, as well. This summer, employees hit the bank with a hiring class action lawsuit that alleges it faked its diversity efforts.
The plaintiff alleges the bank duped investors into believing Wells Fargo hiring practices involve a true commitment to workplace diversity even though it conducted fake interviews with diverse candidates for positions that had already been filled.
The SEC filing also indicated they may soon reach a settlement with the Consumer Financial Protection Bureau over a number of issues, including automobile lending, consumer deposits and mortgage lending practices.
Wells Fargo hiring practices result in lawsuits, fines, settlements
The bank is no stranger to legal challenges.
It recently paid billions of dollars in settlements and fines in the wake of a massive scandal in which its employees reportedly created millions of unauthorized accounts to meet Wells Fargoโs sales goals.
These scandals led the Federal Reserve to take unprecedented action against Wells Fargo. It has reportedly imposed a size cap of $2 trillion on the bank.
In recent weeks, employees hit the bank with a class action lawsuit alleging it overcharged them for their 401(k) stock option plans by inflating the true value of its employee stock ownership plan.
What are your thoughts about the investigations into Wells Fargo hiring practices? Join the discussion in the comments.
Donโt Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
4 thoughts onSEC investigating Wells Fargo hiring practices following DOJ probe
I was defrauded by wells forgo overcharged fees non accounting of payments erroneous foreclosure actions added 10 extra years on mortgage., plus much more.
please add me
I bought two cars from wells Fargo,one in my husband name,one in my name,they added a lot of late charges,and the kept my refund when I payed the car off early,they also owed me a refunf from 2012,and I received it this year,25.00,they kept ,my refund for 10yrs.,I feel like they owed me more,cause if I wouldโve owed them that 25 dollars,it wouldโve been thousands by now,so I feel they shouldโve paided me more.I wanted to sue them,so if a lawyer read this ,please call me.
Wells Fargo, other banks also have discriminated against Blackโs and in my city where the the bank is located on has over lateino employees, and 1 black,for real this is crazy. I applied once for a teller and didnโt even get a interview nothing. Believe you me no of the banks in Florida are not going to hire no more than 1 or 2 blacks.