Wells Fargo & Co. cheated a number of their foreign-currency exchange business customers by overcharging them, according to a Wall Street Journal report late Monday. According to the Journal, an internal review found that out of about 300 fee agreements, only 35 companies ended up paying what they were originally told the price was. Foreign-exchange employees received bonuses based on how much revenue they generated, sources told the Journal, and the bank charged unusually high fees. According to the report, the overcharging scheme relied on customers not double-checking how much they were charged, confusing fees and Wells Fargo brushing off complaints. The Journal said four foreign-exchange workers were fired after the practices came to light, and federal prosecutors have opened an investigation into the matter. A 2015 scandal in which up to 3.5 million fake accounts were opened at Wells Fargo without customers’ knowledge led to thousands of firings, a $100 million fine and the resignation of its CEO.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.