Wells Fargo Says Board Is Probing Wealth-Management Business

Wells Fargo & Co.’s board is looking into whether its wealth-management business gave customers improper recommendations on 401(k) rollovers and other products.

The review, which is in response to inquiries by federal government agencies, “is assessing whether there have been inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of brokerage customers to the company’s investment and fiduciary-services business,” the bank said Thursday in a regulatory filing.

The Justice Department told Wells Fargo to investigate claims of sales abuses by whistle blowers, the Wall Street Journal reported Thursday. The bank hired Shearman & Sterling ...