A Wells Fargo logo is seen in New York City, U.S. January 10, 2017.
REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsCompanies Wells Fargo & Co FollowNov 1 (Reuters) - Wells Fargo's (WFC.N) cash sweep options for investment advisory clients is being investigated by the Securities and Exchange Commission (SEC), the bank disclosed in a regulatory filing.
The sweep feature allows such clients to earn a return on uninvested cash balances.
The bank offers three sweep options, under which uninvested cash can be deposited into interest-bearing accounts or money market funds.
In its filing dated Tuesday, Wells Fargo said the Justice Department had closed its investigation into its hiring practices related to diversity without taking any action.
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