Federal prosecutors are investigating Wells Fargo FX business, report says

Section:

By Rick Rothacker
Charlotte (North Carolina) Observers
Friday, October 27, 2017

Federal prosecutors in San Francisco are investigating foreign-exchange trading at Wells Fargo following the departure of four bankers in the unit this month, the Wall Street Journal reported today.

Wells Fargo confirmed today that the departure of the bankers was related to a single customer transaction but did not identify the corporate client involved in the matter. The Observer reported Tuesday that the matter involved a single customer who was aware of the matter, citing a source familiar with the situation.

The Journal, citing sources, said the issues in the foreign-exchange unit involved Ontario-based Restaurant Brands International Inc., the parent company of Burger King, Tim Horton's, and Popeye's Louisiana Kitchen. Warren Buffett’s Berkshire Hathaway is a shareholder of RBI and Wells Fargo. ...

... For the remainder of the report:

http://www.charlotteobserver.com/news/business/banking/article181253101....



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