Exclusive: Wells Fargo account scandal extends to small business - U.S. senator

October 4, 2016 1:59 PM EDT

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

NEW YORK (Reuters) - Wells Fargo & Co's account scandal is not limited to its consumer banking sector, U.S. Senator David Vitter told the bank's chief executive in a letter.

Thousands of small business owners were also impacted by Wells Fargo's practices, wrote Vitter, a Republican from Louisiana, in a letter dated Sept. 29 to Wells Fargo chief executive John Stumpf and seen by Reuters.

Vitter demanded a "full accounting" of small business owners affected by "fraudulent activity." Around 10,000 small business accounts were affected by improper Wells practices, people familiar with the matter said.

(Reporting by Suzanne Barlyn; Editing by James Dalgleish)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Litigation, Reuters, Rumors, Trader Talk

Related Entities

Wells Fargo

Add Your Comment