SAN FRANCISCO–Six months after an investigation was launched into the culture of Wells Fargo and how more than two-million bogus accounts were opened, the bank is preparing for the release of the report from the law firm conducting the investigation.
An official release date has not been set, with Wells Fargo saying only that it will release results prior to its annual shareholder meeting on April 25. Wells’ chairman, Stephen Sanger, had earlier said the investigation would "follow the facts wherever they lead."
The probe is being conducted by the law firm Shearman & Sterling. To date, Wells Fargo has paid more than $185 million in fines to regulators related to the opening of fake accounts by employees attempting to meet aggressive sales targets.
Sanger has said the bank plans to take "all appropriate actions to reinforce the right culture and ensure that lessons are learned, misconduct is addressed.”
The bank also faces other lawsuits and investigations by the departments of Justice and Labor, and the SEC.