Wells Fargo is feeling the heat as an investigation is getting kicked off regarding some of the foreign currency exchange trading that it has been doing. According to Yahoo Finance, the investigation revolves around a single trade that the firm has made. There is a dispute about this trade between Wells Fargo and Restaurant Brands International.
The investigation remains in its very early stages. In fact, there are not too many details being released to the public at this time. We still do know that it involves a trade with the Restaurant Brands International client. However, a spokesperson for Wells Fargo has downplayed the importance of what is going on saying that the issue was immediately caught, and that the proper people from Restaurant Brands International were notified.
Still Bouncing Back From Another Scandal
Perhaps even more troubling for Wells Fargo at the moment is the fact that the firm is still trying to regain trust with the public following a scandal that they were involved in regarding opening fake accounts for people who did not ask for them. There were some 3.5 million reported fake or unwanted accounts opened for people. This was done by salespeople with Wells Fargo as a way of boosting their own paychecks. Once it was finally made public, a firestorm of controversy arose.
People Are Getting Fired
While Wells Fargo has tried to tamp down the speculation about what all is going on with the firm and this potential scandal/issue, they have said that at least four people have been fired from the bank as a result of what has happened. This is an indication that at least some people within the bank are being held accountable. It could actually be a bigger story than what some are letting on.
The institutional side of the banking business was not seen as being as touched by the earlier scandals regarding the fake bank accounts. However, this potential scandal has them caught red-handed as well. It could be a sign of deeper problems throughout the bank as a whole. It is definitely something for anyone who does business with them to keep an eye on.