The Department of Labor and other federal government agencies are investigating Wells Fargo & Co.'s 401(k) plan, the San Francisco-based bank disclosed in a 10-k regulatory filing Tuesday.
The agencies are "reviewing certain transactions associated with the employee stock ownership plan feature of the company's 401(k) plan, including the manner in which the 401(k) plan purchased certain securities used in connection with the company's contributions to the 401(k) plan," the 10-K filing said.
Wells Fargo declined to provide additional information beyond what was in the filing, including the other federal agencies involved in the investigation. The Labor Department did not immediately respond to an email seeking comment.
Wells Fargo's 401(k) plan had $48.8 billion in assets at the end of 2020, according to its latest Form 5500.
