Wells Fargo Terminates Some Senior Employees Who Were Connected To The Fake Accounts Scandal

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On Tuesday, Wells Fargo announced the termination of four senior employees connected to its 2016 banking scandal. The banking magnate admitted that 2 million fake accounts were created using customers’ information (without their consent) in the process.

An employee purge has been ongoing for Wells Fargo, as they have let go 5,300 workers, and CEO John Stumpf abruptly retired in October. The newly fired employees include Chief Risk Officer Claudia Russ Anderson, Arizona Lead Regional President Pamela Conboy, Los Angeles Regional President Shelley Freeman, and Matthew Raphaelson, who was head of community bank strategy and initiatives. The company’s board of directors voted to terminate the four senior officials in an effort to stress future accountability. USA Today also reported that these four won’t receive their 2016 bonuses and will forfeit their stocks.

After the unauthorized accounts scandal had come to light, new details trickled out concerning the banking giant’s practices. Employees tried to report the illegal accounts practice as early as 2007 but were met with hostility. The banking company has since opened an independent investigation over the scandal, which is on pace to conclude before April. Wells Fargo hopes improve its image after the controversy, but they still have a long road ahead.

(Via CNNMoney & USA Today)

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