Wells Fargo & Co WFC.N has fired about 100 to 125 staff for unethically availing themselves of coronavirus aid funds, based on a supply aware of the matter.
The financial institution believes a few of its staffers made “false representations in making use of for coronavirus aid funds for themselves”, defrauding the US Small Enterprise Administration, David Galloreese, head of Human Assets, stated in an inside memo seen by Reuters.
The abuse was tied to the Financial Harm Catastrophe Mortgage program and outdoors the staff’ roles on the financial institution, the memo stated, including Wells Fargo will cooperate totally with regulation enforcement.
“These wrongful actions have been private actions, and don’t contain our clients.”
Bloomberg first reported the information earlier within the day.
Final month, JPMorgan Chase & Co JPM.N dismissed a number of staff who allegedly misused funds that have been supposed to assist companies coping with the Covid-19 pandemic, the Monetary Occasions reported.
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