Wells Fargo sales practices report

Last year, Wells Fargo agreed to pay reg­u­lat­ors $185 mil­lion to settle in­vest­ig­a­tions in­to the bank’s sales prac­tices, which pushed thou­sands of work­ers to open as many as 2.1 mil­lion ac­counts that cus­tom­ers nev­er au­thor­ized. In the wake of that set­tle­ment, Wells Fargo’s board hired law firm Shear­man & Ster­ling to in­vest­ig­ate un­au­thor­ized ac­count open­ings and the bank’s sales prac­tices. The re­port was re­leased Monday, April 10.

Sources: Wells Fargo & Co., Shearman & Sterling