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Wells Fargo Fires More Than 100 Workers Over Relief Fund AbuseHannah Levitt
October 14, 2020, 4:17 PM CDT Updated on October 14, 2020, 4:24 PM CDT
Wells Fargo & Co. fired more than 100 employees for improperly getting coronavirus relief funds, according to a person with knowledge of the situation, Bloomberg News reports.
The firm found staffers who it believes defrauded the U.S. Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to an internal memo reviewed by Bloomberg. The abuse was tied to the Economic Injury Disaster Loan program and was outside the employees’ roles at the bank, according to the memo.
“We have terminated the employment of those individuals and will cooperate fully with law enforcement,” David Galloreese, Wells Fargo’s head of human resources, said in the memo. Wells Fargo’s actions follow JPMorgan Chase & Co.’s finding that more than 500 employees tapped the EIDL program, and dozens did so improperly.
Full story in the link.
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