Wells Fargo fires 4 in bank scandal

SAN FRANCISCO (KRON) — Four senior managers at Wells Fargo were fired Tuesday as part of the investigation into the bank’s sales practice scandal.

The Board of Directors said it was a unanimous decision to fire Claudia Anderson, the former community bank chief risk officer, Pamela Conboy, the lead regional president in Arizona, Shelly Freeman, the former regional president in Los Angeles, and Matthew Raphaelson, head of the community bank’s strategy and initiatives.

The board also voted to deny any executive’s 2016 bonuses and will forfeit any invested stock and stock options.

The San Francisco based bank has been under investigation since last fall when it was discovered that employees had created two million bank and credit accounts without customer authorization to meet sales goals.

Wells Fargo is being investigated by the Department of Justice, Congressional committees, and the State Attorney General and Prosecutor’s offices.

Customers, employees and shareholders have also launched class-action lawsuits against Wells Fargo.

The Board of Directors has opened an independent investigation into the practices.

 

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