Under probe: Wells Fargo & Co signage is displayed outside a bank branch in Dallas, Texas. While the banking group’s latest black eye may not rise to the level of the retail-bank debacle, it further calls into question Wells Fargo’s ability to manage its people and information. — Bloomberg
NEW YORK: Wells Fargo & Co, already in the regulatory spotlight because of last year’s fake-account scandal, is drawing renewed scrutiny after a lawyer’s unauthorized release of sensitive client details for tens of thousands of accounts belonging to wealthy customers of its brokerage unit.
Regulators have started asking questions about the breach, according to a person with knowledge of the matter, after the data was mistakenly provided to an attorney as part of a lawsuit involving two brothers, one a Wells Fargo employee and the other a former employee.
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