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DOJ expands Wells Fargo investigation to wealth management

ATM at a Wells Fargo Bank. Photo: John Greim/LightRocket via Getty Images

The Justice Department is broadening its probe into Wells Fargo's questionable practices to include the bank's wealth management operations, reports the WSJ citing people familiar with the situation.

Why it matters: Wells Fargo is in the midst of a massive investigation examining it's "widespread consumer abuses." The bank has "admitted that employees opened more than 3 million fake accounts in order to meet sales quotas." Wells Fargo and the DOJ have not responded for comment.

Go deeper

Kia Kokalitcheva
1 hour ago - Economy & Business

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

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Erica Pandey, author of @Work
1 hour ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

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Sara Fischer, author of Media Trends
1 hour ago - Economy & Business

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.

Go deeper (1 min. read)Arrow