The investigation is being conducted by the U.S. attorney’s offices for the Southern District of New York and the Northern District of California, these people said. Prosecutors have yet to decide if any case, should they decide to pursue one, would be along civil or criminal lines, the people said.
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A criminal investigation by federal prosecutors, were it to happen, would represent a significant escalation from last week’s civil settlement. Because the financial-services industry is among the mostly highly regulated in the U.S., alleged misconduct can draw the scrutiny of multiple law-enforcement and regulatory agencies.
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The bank hasn’t identified any senior executives held responsible for the behavior. Mr. Stumpf said that those fired included bankers, managers and managers of managers, but declined to name the most senior executive let go.