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MARKETS LIVE BLOG:

STOCKS PULL BACK WITH FLOOD OF EARNINGS AHEAD

Gold hits record, silver jumps to 52-week high as precious metals outperform broader markets

Wells Fargo faces government probe on anti-money laundering, sanctions

Lananh Nguyen
·1 min read
FILE PHOTO: FILE PHOTO: Wells Fargo Bank branch is seen in New York

By Lananh Nguyen

NEW YORK (Reuters) -Wells Fargo is being investigated by government authorities over issues in its anti-money laundering and sanctions programs, the bank said on Thursday in a filing.

The company did not specify which government was inquiring about its practices, nor did it give details about the issues that were being probed.

Separately, Wells Fargo said it is in discussions with the U.S. Securities and Exchange Commission to resolve an investigation into the cash sweep options that the bank provides to investment advisory clients, according to the filing.

A company spokesperson declined to comment beyond the filing.

(Reporting by Lananh Nguyen in New York; Editing by Stephen Coates)