Wells Fargo Board Fires 4 Managers In Bogus Accounts Probe

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Wells Fargo Board Fires 4 Managers In Bogus Accounts Probe

Wells Fargo Board Fires 4 Managers In Bogus Accounts Probe

Law360-

Wells Fargo’s board of directors has voted to fire four senior managers in connection with an ongoing investigation stemming from last year’s scandal over 1.5 million phony bank accounts opened in customers’ names, the bank announced Tuesday.
The bank issued a press release announcing that the board voted unanimously to terminate the employees as part of its independent investigation “into the company’s retail banking sales practices and related matters.”

The employees are Claudia Russ Anderson, former community bank chief risk officer; Pamela Conboy, Arizona lead regional president; Shelley Freeman, former Los Angeles regional president and head of consumer credit solutions; and Matthew Raphaelson, head of community bank strategy and initiatives.

Each of the four employees will forfeit their unvested equity awards and vested outstanding options, the press release said. None will receive a 2016 bonus.

[LAW 360]

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