Wells Fargo & Co. confirmed Thursday that the U.S. Securities and Exchange Commission has joined the growing number of state and federal agencies investigating the company’s sham-accounts scandal. Wells Fargo has been under increased scrutiny since revelations that employees at the bank created as many as 2 million accounts in customers’ names without those customers’ knowledge or consent. Regulators have said workers created those accounts as they tried to meet unrealistic sales goals. That has led to a $185-million settlement with local and federal regulators and last month’s sudden retirement of Chief Executive John Stumpf. “The company has responded, and continues to respond, to requests from a number of the foregoing seeking information regarding these sales practices and the circumstances of the settlements and related matters,” Wells Fargo said in the regulatory filing.

Source: Los Angeles Times November 03, 2016 14:48 UTC