Wells Fargo, which has been told by the Fed that it needs to improve its governance and controls, on Thursday received an important thumbs-up from its outside auditor and also named the four senior directors who will retire next month.
Sens. Elizabeth Warren and Ed Markey are seeking information about KPMG to determine if it lived up to its professional obligations when it decided not to disclose fake accounts at Wells Fargo.
The auditing giant has faced heavy criticism for failing to uncover wrongdoing at Wells. But the San Francisco megabank said Wednesday that it wants to maintain a relationship that goes back decades.
KPMG said Webster did not properly document a change in the way it calculates its provision for loan losses. The bank does not expect to restate its financial results or incur any meaningful increase in costs because of the problem.
