Wells Fargo fires over 100 employees for Covid-19 relief fund misuse



& Co WFC.N has fired about 100 to 125 employees for unethically availing themselves of coronavirus relief funds, according to a source familiar with the matter.


The bank believes some of its staffers made “false representations in applying for coronavirus relief funds for themselves”, defrauding the US Small Business Administration, David Galloreese, head of Human Resources, said in an internal memo seen by Reuters.



The abuse was tied to the Economic Injury Disaster Loan program and outside the employees’ roles at the bank, the memo said, adding will cooperate fully with law enforcement.


“These wrongful actions were personal actions, and do not involve our customers.”


Bloomberg first reported the news earlier in the day.


Last month, JPMorgan Chase & Co JPM.N dismissed several employees who allegedly misused funds that were supposed to help businesses dealing with the Covid-19 pandemic, the Financial Times reported. ​

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Leave a Comment

© 2020 Daily Dose of Market and Beyond News