US Prosecutors Open Inquiry Into Wells Fargo

The US Attorney’s Office for the Southern District of New York is in the early stages of an inquiry and has asked the bank for documents, said a person familiar with the matter. The Northern District of California was also conducting an investigation, according to the Wall Street Journal, which first reported the prosecutors’ move. The California office declined to comment while the New York prosecutors could not immediately be reached. Wells Fargo declined to comment. The subpoena was sent after Wells agreed last week to pay $185m in fines to the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Office of the Los Angeles City Attorney.