Wells Fargo Has Fired 4 Senior Executives for Their Role in the Sales Scandal
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Wells Fargo fired four senior executives on Tuesday as part of an ongoing probe into the bank's sales-practices scandal that made headlines last fall.
The firings are the first public terminations of any senior-ranking managers at the bank since Wells Fargo was accused of opening up to two million bank and credit card accounts without customers' knowledge in September, the Wall Street Journal reports. As a result, Wells Fargo said it fired roughly 5,300 employees, most of whom were low-level. But some employees said their actions were the result of intense pressure from higher-ranking managers urging them to meet sales goals.
The four executives fired all had prominent roles within Wells Fargo's retail-banking business — the division that deals with everyday, individual consumers. In addition to their termination, the executives were denied 2016 bonuses and will forfeit any unvested equity and stock options.
An internal investigation into the Wells Fargo's sales-practices will continue, with a goal to reach a conclusion by April. "Any additional actions will be made public by that time,” the bank said.
[WSJ]