Wells Fargo and WSJ Engage in a Spat Over the Bank’s FX Business Practices

[kreslik.news]

Wells Fargo and the Wall Street Journal appear to be engaged in a spat over the former’s FX business. Posting a story entitled “Wells Fargo Bankers, Chasing Bonuses, Overcharged Hundreds of Clients” yesterday, the newspaper stirred some controversy over the bank’s handling of foreign exchange transactions.

According to the article, some employees of the firm significantly mispriced trades to clients. The California-headquartered financial institution issued a statement rebuking the story, stating that the WSJ misrepresented facts.

The article asserted that clients of Wells Fargo were overcharged by employees deliberately in order to generate higher fees for the bank. The report claims that ... (read more)