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Wells Fargo board investigates wealth and investment management unit

Wells Fargo & Co., San Francisco, disclosed in its 10-K filing Thursday that its board is investigating its wealth and investment management unit.

The company said in the filing with the Securities and Exchange Commission that its review is in response to "inquiries from federal government agencies" regarding "certain activities" by its wealth and investment management division.

The board's review, which the filing said is in its preliminary stages, 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 filing said.

There was no further information regarding the review.

In September 2016, Wells Fargo made settlements totaling $190 million over allegations of retail banking sales practice abuses. John G. Stumpf stepped down the next month as chairman and CEO.

As of Dec. 31, 2016, Wells Fargo had $227.8 billion in record-keeping assets, according to Pensions & Investments data. Wells Fargo Asset Management had $504 billion in assets under management as of Jan. 12.

A Wells Fargo spokeswoman said the company does not comment on its confidential interactions with regulators or government agencies.