April 26, 2018 / 4:33 PM / in 4 months

Wells Fargo's 401(k) practices being examined by Labor Dept: WSJ

(Reuters) - The Labor Department is examining whether Wells Fargo & Co (WFC.N) pushed participants in low-cost corporate 401(k) plans to roll their holdings into more expensive individual retirement accounts at the bank, according to a person familiar with the inquiry the Wall Street Journal reported on Thursday.

FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada, October 19, 2017. REUTERS/Chris Helgren/File Photo

Labor Department investigators are also examining whether Well Fargo’s retirement-plan services unit pressed account holders to buy in-house funds, the WSJ reported.

Wells Fargo was not immediately available for a comment.

Reporting By Aparajita Saxena in Bengaluru

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