News

Wells Fargo firing regional branch managers linked to fake account scandal

December 7, 2018

A little more than two years after the fake account scandal broke at Wells Fargo, and on top of the firing of approximately 5,300 employees linked to the illegal activity, the bank is now terminating three dozen or so regional managers who were responsible for oversight of its branches.

According to a report by Fortune, the firings are meant in part to reassure banking regulators that Wells Fargo is taking seriously their concerns about its processes and procedures, and that management is taking action to correct problems.

The report did not say whether the fired regional managers — who typically oversee up to 15 branches — will be replaced. However, it seems unlikely, given that the bank has also announced its intention to close approximately 5,000 branches within the next two years.