Wells Fargo & Co. said Tuesday that U.S. regulators are investigating its retention of employee communications over the use of unapproved messaging apps, making it the latest bank to get caught up in an industrywide sweep that’s already yielded over $2 billion in fines.
Probes by the Securities and Exchange Commission and the Commodity Futures Trading Commission were disclosed Tuesday in a regulatory filing. The regulators are investigating “compliance with records-retention requirements relating to business communications sent over unapproved electronic messaging channels,” San Francisco-based Wells Fargo said.
Many of Wells Fargo’s biggest 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 more, including Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley, reached settlements in September.
HSBC Holdings Chief Executive Noel Quinn said Tuesday that the firm close to reaching a deal with U.S. regulators over the same issue.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
