Wells Fargo fires 100 employees over fraud allegations

By: Miguel A. Rodriguez

15:28, 15 October 2020

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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

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