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The investigation, according to the report, relates to a single
trade and ensuing dispute with client Restaurant Brands
International Inc, owner of Burger King, Tim Horton and
Popeye's. An email to the company's press office was not
returned.
The investigation, which is in early stages, is being conducted
by the U.S. Attorney's Office for the Northern District of
California, the Journal reported. A spokeswoman for that office
did not respond to inquiries.
"Wells Fargo learned of an issue associated with a foreign
exchange transaction for a single client. The matter was
reviewed, the client was promptly notified regarding the issue
and Wells Fargo leadership took steps to hold accountable the
individuals who were involved," bank spokeswoman Elise Wilkinson
wrote in an email message to Reuters.
Wilkinson said last Friday that four Wells Fargo forex
employees, Simon Fowles, Bob Gotelli, Jed Guenther and Michael
Schauffler were no longer with the bank.
The third-largest U.S. bank has been trying to recover from a
sales scandal over as many as 3.5 million fake accounts created
by its employees in an effort to meet aggressive sales targets.
The lender has since uncovered other problems, including with
auto loans, life insurance and mortgages.
The forex problems are the first indication Wells Fargo's issues
may extend to its institutional businesses, which according to
Wells Fargo have seen relatively little impact from the scandal.
(Reporting by Dan Freed in New York and Diptendu Lahiri in
Bengaluru; Editing by Saumyadeb Chakrabarty and Cynthia
Osterman)
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