Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Farmers Data Breach Could Impact 1M+ Customers
  • ‘Big Four’ Reinsurers Maintain Property-Cat Appetite
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Wells Fargo Says SEC Is Examining its Hiring Practices

By Jonathan Stempel | November 1, 2022
Email This Subscribe to Newsletter
  • Article

Wells Fargo & Co said on Monday that the U.S. Securities and Exchange Commission has begun investigating its hiring practices, after the Department of Justice had opened a related probe.

In its quarterly report filed with the SEC, the fourth-largest U.S. bank said both agencies “have undertaken formal or informal inquiries or investigations regarding the company’s hiring practices related to diversity.”

Wells Fargo drew scrutiny in June when it suspended a policy requiring that it interview a “diverse” group of people for some jobs, with half of the candidates being female or nonwhite.

The halt came after The New York Times said the policy had led some employees at the San Francisco-based bank to conduct “fake” interviews for jobs that had already been filled.

In reinstating the policy, Wells Fargo said on Aug. 1 it had interviewed recruiters and hiring managers to assess ways to improve hiring diversity, without the alleged abuses.

The SEC can pursue civil cases, while the Justice Department has criminal enforcement power.

Wells Fargo also said in Monday’s filing that it is in talks with another federal agency, the Consumer Financial Protection Bureau (CFPB),to settle “a number” of probes, including for automobile lending, consumer deposit accounts and mortgage lending.

The bank had set aside $2 billion in the third quarter for legal bills. It estimated that its maximum legal exposure in excess of reserves was $3.7 billion on Sept. 30, up from $3.2 billion three months earlier.

An SEC spokeswoman declined to comment. The CFPB did not immediately respond to a request for comment after market hours.

Copyright 2025 Reuters. Click for restrictions.

Topics Talent

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Northwestern Settles Hazing Scandal Lawsuit With Former Football Coach
Gymnastics Coach at Renowned Iowa Gym Accused of Sexual Abuse
Containment Increases on California Wine Country Wildfire
Be Recognized as a Best Agency to Work For: Submit Now

Written By Jonathan Stempel

More From Author

Interested in Talent?

Get automatic alerts for this topic.

Email This Subscribe to Newsletter
  • Categories: National NewsTopics: diversity and inclusion, employment practices, environmental social governance (ESG, securities and exchange commission (SEC), Wells Fargo
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
Hurricane Remnants Threaten Swiss Alps With Floods, Landslides
South Korea Agency Fines SK Telecom $97 Million Over Major Data Leak
Anthropic Thwarts Hacker Attempts to Misuse Claude AI for Cybercrime
Viewpoint: Why Reinsurance Industry Often Struggles to Manage Market Cycles
More News Features

Read This Next

  • Wells Fargo Says SEC Is Examining its Hiring Practices
  • Bank of America Says Autonomous Vehicles Can Boost Insurers' Profitability
  • Another HO Insurer, Viceroy, Approved for Florida Market, Regulators Say
  • 'Big Four' Reinsurers Maintain Property-Cat Appetite, Despite Signs of Rate Softening
  • Employers Miss Out on Talent When Remote Work Isn't Allowed: Survey

Insurance Jobs

  • Sales Agent - Encino, California
  • Insurance Account Executive/Manager Wanted Flexible Hours, Potential Equity - Dix Hills/Deer Park, NY
  • CLIENT SERVICE SPECIALIST- Equisport - Poughkeepsie, New York
  • Director, Agile Product Owner – Batch Rating - Hartford, CT
  • Property Adjuster – Inside Coordinated - Indiana, IN
MyNewMarkets
  • When Insurance Isn't the Optimal Risk Management Approach
  • Reputation Risk Can Overshadow Ransom in Cyberattacks, Aon Says
  • Tackling Cyber Risks: The Vital Role of Brokers in Third-Party Data Protection
  • DIY Home Inspections Are Taking Over, Firms Say
  • Six Things to Know About Umbrella Insurance
Claims Journal
  • FTC Sues LA Fitness for Making it Exceedingly Hard to Cancel Gym Memberships
  • EU Carmakers Warn Combustion Engine Ban Is No Longer Feasible
  • Peloton Must Face Shareholder Lawsuit Over Post-Pandemic Outlook
  • Most Losses in Destructive Eaton Fire Tied to Conflagration Hazard, Report Shows
  • 20 Years Later, Hurricane Katrina's Impact Echoes in Models, Mitigation and Reforms
Academy of Insurance education
  • August 7 EPLI Basics
  • August 14 Managing and Insuring Reputational Risk
  • August 19 How To Write: Flood
  • August 21 Workers' Comp Crash Course

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map