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.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
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.
