Wells Fargo & Co. fired more than a dozen employees last month after investigating claims that they were faking work.
A file photo taken on October 17, 2016 shows an employee typing on a computer keyboard at the headquarters of Internet security giant Kaspersky in Moscow.The staff members, all in the firm’s wealth- and investment-management unit, were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to disclosures filed with the
“Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior,” a company spokesperson said in a statement.It’s unclear from the FINRA disclosures whether the employees Wells Fargo fired were allegedly faking active work from home. The finance industry was among the most aggressive in ordering workers back to the office as the pandemic waned, though Wells Fargo waited longer than rivals JPMorgan Chase & Co. and Goldman Sachs Group Inc.
The nation’s fourth-largest lender has sought to grow in wealth management under CEO Charlie Scharf and his deputy, Barry Sommers, who joined the firm in 2020. The unit was hit particularly hard by a series of scandals that erupted in 2016, sending advisers fleeing by the thousands, taking lucrative clients with them.
The recent firings have echoes of another episode at Wells Fargo from 2018, when the firm investigated employees in its investment bank for alleged violations of its expense policy after they tried to get the company to pay for ineligible evening meals.Economists at Comerica Bank agree that the economy is in a good place going into the 2024 presidential election, with inflation calming down and expected cuts to interest rates this fall.
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