Wells Fargo Under Investigation Over Business Communications

March 13th, 2023, 4:36 PM

In a regulatory filing, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced that both entities were investigating Wells Fargo & Co' 's compliance regarding the retention of its employee communications on unauthorized messaging apps. 

Others, like JPMorgan Chase and Citigroup, have reached settlements with the SEC and CFTC. JPMorgan Chase agreed to pay $200 million in fines in late 2021 for its record-keeping requirements for business communications sent over unapproved messaging channels, according to WealthManagment.com. HSBC Holdings told news sources that the firm is closing in on a deal with the SEC and CFTC regarding the same matter. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

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Blog

Wells Fargo Under Investigation Over Business Communications

March 13th, 2023, 4:36 PM

In a regulatory filing, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced that both entities were investigating Wells Fargo & Co' 's compliance regarding the retention of its employee communications on unauthorized messaging apps. 

Others, like JPMorgan Chase and Citigroup, have reached settlements with the SEC and CFTC. JPMorgan Chase agreed to pay $200 million in fines in late 2021 for its record-keeping requirements for business communications sent over unapproved messaging channels, according to WealthManagment.com. HSBC Holdings told news sources that the firm is closing in on a deal with the SEC and CFTC regarding the same matter. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

Return to All