WASHINGTON-The Department of Labor said it has begun reviewing labor practices at Wells Fargo & Co., stepping up regulatory scrutiny of the bank in the wake of a scandal involving unauthorized customer accounts.
Labor Secretary Thomas Perez said in a letter Monday that his department will conduct a “top-to-bottom review” of cases, complaints or violations concerning Wells Fargo over the last several years. The move comes in response to a request from several Democratic senators, including Sen. Elizabeth Warren (D., Mass), that the department open an investigation into whether the bank improperly compensated account executives, bank tellers, branch managers and customer service representatives.
The Labor Department’s Wage and Hour Division is “currently carefully reviewing the issues raised in your letter…to determine the best course of action in this matter,” Mr. Perez said in a letter addressed to Ms. Warren. “We take the concerns raised in your letter very seriously.”