Wells Fargo fires 100 employees...

October 15, 2020

Wells Fargo has fired more than 100 employees for misrepresenting themselves to obtain money from a relief fund for small businesses, and whose actions may have amounted to defrauding the US Small Business Administration.

In a memo to some staff Wednesday, which was obtained by CNN Business, Wells Fargo (WFC) human resources head David Galloreese wrote that the bank identified employees whom it believes may have "defrauded the U.S. Small Business Administration (SBA) by making false representations in applying for coronavirus relief funds for themselves through the Economic Injury Disaster Loan program, which is administered directly through the SBA."

Between 100 and 125 Wells Fargo employees were fired as a result, and an internal investigation is ongoing...