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Wells Fargo fires 100 employees over fraud allegations

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Miguel A. Rodriguez
Miguel A. Rodriguez
15 October 2020
100 employees profited from a Coronavirus relief fund illegally

As we discussed yesterday, the earnings season just started in the US, and banks like Goldman Sachs, Bank of America, JP Morgan released their financial reports.

One bank that came below the expectations with its figures – Wells Fargo – once again came under scrutiny.

The San-Francisco based bank has fired more than 100 people for allegedly defrauding one of the #coronavirus relief #funds coordinated by the US Small Business Administration.

 According to a report, the employees made false claims in their applications for “coronavirus relief funds for themselves.” However, the applications were made outside the position they held within the bank.  The report continued, “As a company, we are vigilant in detecting fraud. While these instances of wrongdoing are extremely unfortunate and disappointing, they are not representative of the high integrity of the vast majority of Wells Fargo employees.”

Following the news, Wells Fargo stock price lost 0.54% in pre-market trading.

Read here how the American banks have performed in Q3!

Sources: thestreet.com, forbes.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.