Wells Fargo & Co. shares declined in the extended session Wednesday following reports that California has launched a criminal investigation into the bank’s business practices. Wells Fargo shares slipped 0.8% to $44.90 after hours. Initially reported by The Los Angeles Times, California Attorney General Kamala Harris sent a search warrant to the bank earlier in October on allegations of criminal identity theft concerning the creation of millions of unauthorized accounts, according to a search warrant obtained by the Times. The Associated Press reported that Harris seeks the names of customers who had improper accounts opened, the names of employees who opened up the accounts, and the fees associated with those accounts. The action follows the resignation of Wells Fargo CEO John Stumpf and suspensions of state business in Ohio and Illinois.
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From:: Stock Market News