The US Securities and Exchange Commission (SEC) initiated the investigation against Wells Fargo & Co due to possible violations of information disclosure rules for investors as well as other problems, arisen out of the recent bank scandal, finance.ua reports, quoting The Wall Street Journal and the sources.

SEC submitted several inquiries to Wells Fargo for the last week, after senators’ calls, the sources report. On September 8, the regulators (Consumer Financial Protection Bureau and Office of the Controller of the Currency) and Los Angeles District Attorney’s Office announced about the settlement with the bank regarding the opening of 2 mln accounts on behalf of clients without their approval, RNS reports.

The employees explained their action with “unreal” sales requirements. The bank agreed to pay USD 190 mln and dismiss more than 5,000 employees, in order to settle accusations. The bank also cancelled the sales requirement for its employees.

After declaration, Wells Fargo lost more than $25 bln of its market value and stopped being the most expensive bank in the world, conceding this title to JP Morgan.

The former employees and shareholders also filed lawsuits against it. California, Illinois and some US cities (including Seattle) refused from cooperation with Wells Fargo in some areas, including the use of its services for bond trading.  

On September 20, during the sessions at Senate’s Banking Committee, Massachusetts Senator Elizabeth Warren encouraged CEO and Chairman of the Board John Stumpf to resign his post. On October 13, Wells Fargo officially announced about Stumpf’s resignation. On October 20, the General Attorney’s Office of California initiated the investigation of criminal case against the bank.