Wells Fargo fires four senior employeesBy Rebecca Rakowitz | 02/23/2017 12:02am
Wells Fargo Bank announced on Tuesday that it fired four senior employees with ties to last year’s fraud scandal.
The four employees, former community bank chief risk officer Claudia Russ Anderson, Arizona lead regional president Pamela Conboy, former Los Angeles regional president Shelley Freeman and head of community bank strategy and initiatives Matthew Raphaelson, won’t receive a 2016 bonus, will forfeit their unvested equity awards and forfeit any vested outstanding options.
According to CNN, all four employees either worked or used to work in the community banking division central to the scandal.
Wells Fargo came under fire last year when it was discovered they had used client information to create up to two million fake accounts from 2011 to 2015. The fake accounts were a move to increase sales, something that employees were highly incentivized to do.
While customers, employees and shareholders are suing the company, multiple institutions are investigating the bank, including Wells Fargo itself.
An independent investigation by the company’s board of directors is ongoing. The bank said in a news release on Tuesday that the investigation is expected to be completed before their annual shareholder meeting in April.