Fed chief: Wells Fargo needs ‘significant' reforms before cap is lifted (as new WB lawsuit and more lapse areas pile on)

The Wall Street Journal reported that the Justice Department asked the bank late last year to conduct the independent investigation after whistle-blowers reported problems in the unit.

The annual report noted that a separate review of the wealth and investment management unit determined certain fiduciary and custody accounts had been subject to incorrect fees "resulting in customer overcharges."

...

In the whistle-blower lawsuit, filed Wednesday, Matthew Valles said he was fired from the bank's Portland office after complaining Wells Fargo would summarily close accounts where there was possible fraudulent activity, even if it was the account holder who alerted the bank.