The Department of Labor will review Wells Fargo to determine whether the bank violated any labor laws in its fake accounts scandal, the agency informed Congress Monday.
In a letter sent to Sen. Elizabeth Warren, D-Mass., Labor Secretary Thomas Perez said the agency will conduct “top-to-bottom review of cases, complaints or violations concerning Wells Fargo over the last several years” to determine whether the bank violated labor laws by pushing employees to create millions of accounts for customers that weren’t wanted, a scandal that resulted in $185 million in fines from financial regulators and congressional scrutiny.
Warren and other Democrats had requested that the Labor Department investigate Wells Fargo, citing in particular the possibility that Wells Fargo ran afoul of overtime laws by forcing employees to work nights or weekends to meet targets for opening accounts.
In a statement Tuesday, Warren said she was “glad” Perez initiated the review and said that “every other federal agency with jurisdiction in this matter should follow DOL’s lead and promptly determine whether Wells Fargo and its senior executives should be prosecuted or otherwise sanctioned.”
In addition to reviewing recent cases, Perez said the agency has created a dedicated website, www.dol.gov/wellsfargo, to provide resources for the banking giant’s employees. The agency is looking for tips from anyone who was affected, he said.
