Wells Fargo 401(k) plan now under review by federal agencies, bank says

The U.S. Labor Department is looking into Wells Fargo’s 401(k) plan, according to a disclosure by the bank in a late Tuesday financial filing.

The department, along with other federal agencies, is reviewing transactions connected to the employee stock ownership portion of the 401(k) retirement account.

The agencies are looking into the way the 401(k) plan purchased certain securities used in connection with company contributions, according to the filing.

Source:

https://www.charlotteobserver.com/news/business/banking/article258675728.html

Sigh.

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@myr, they have always been corrupt from the top down. And I think it may have gotten worse with the JPM clan joining.

Post ID: @gol+1fsbqFnh

Not everyone has a fixer like the Don(ald). 😉

I really don't know who would want to work for the company or stay working for them. They are corrupt beyond belief.

Not a surprise that they moved our 401Ks to Empower. There have been multiple lawsuits through the years regarding WFC’s mismanagement of our 401Ks.

Did you think our 401K was provided out of the goodness of their heart purely as an employee benefit? No - they have made a lot of money off you with those high- fee Target Funds and filling them with proprietary products. Never underestimate Wells Fargo’s underhanded dealings to spin a profit.

reposted

@myr because humans.

Charlie’s quote from the article:
“I continue to believe that we’re making significant progress, and this is based on what we see in our internal reporting,” Scharf said. “It doesn’t mean that we’re perfect.”

Yeah no. That’s like your wife/husband saying to you “Honey - I continue to believe I’m making progress with all my lying and cheating on you. And that’s based on how I interpret the facts. And It doesn’t mean I’m going to be perfect.”

Why is doing the right thing so fu----g hard??

Nice! If lucky we’ll all get a settlement check for $12.98 while the feds pocket millions.

Of course right when I retire. Go figure!

Can't this bank do anything legitimately? My goodness!

Even mobsters are not this careless.

Thread regarding Wells Fargo & Co. layoffs

Wells Fargo 401(k) plan now under review by federal agencies, bank says

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