Federal prosecutors are investigating foreign-exchange trading at Wells Fargo & Co and have subpoenaed information from the firm, the Wall Street Journal reported, citing people familiar with the matter.
The investigation, according to the report, relates to a single trade and ensuing dispute with client Restaurant Brands International Inc, owner of Burger King, Tim Horton and Popeye’s. An email to the company’s press office was not returned.
The investigation, which is in early stages, is being conducted by the U.S. Attorney’s Office for the Northern District of California, the Journal reported. A spokeswoman for that office did not respond to inquiries.