If you thought, after hearing that Wells Fargo’s profit had fallen by more than half in the third quarter and it had stockpiled $14 billion for the upcoming epidemic of coronavirus-related loan losses, that you needn’t pay any attention to it for the rest of the week, as it had undoubtedly fulfilled its weekly quota of bad news, well, you haven’t been paying attention. And were also wrong.

Wells Fargo human resources head David Galloreese wrote that the bank identified employees whom it believes may have "defrauded the U.S. Small Business Administration by making false representations in applying for coronavirus relief funds for themselves through the Economic Injury Disaster Loan program, which is administered directly through the SBA."

Between 100 and 125 Wells Fargo employees were fired as a result, and an internal investigation is ongoing, a person familiar with the situation told CNN Business.

We guess there are still a few bad apples rolling ‘round back of the stagecoach, and their skills at lying on paperwork are holding up. On the other hand, it looks like Charlie Scharf’s effort to make Wells a bit more like JPMorgan Chase is finally working.

Wells Fargo fires 100 employees for misrepresenting themselves to access Covid-19 relief funds [CNN Business]


Wells Fargo.Insane

Wells Fargo Employees Tell John Stumpf That "We Learned It From Watching You, Dad"

This "A few 5,300 bad apples ruined the bunch" defense is not holding up too well.

Wells Fargo Bless this Mess

Lying To, Overcharging Customers Sure Seems Like Wells Fargo’s Primary Strategy

Whether you’re a simple homeowner or a sophisticated investment banking client, it’s just the way Wells does business.

By Eduardo P (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Wells Fargo Not The Only Bank Ripping Off Poorer Drivers

Banco Santander’s a sixth of the way to matching Wells’ auto-loan sanctions.

By stu_spivack (20151021_134810) [CC BY-SA 2.0 ], via Wikimedia Commons

Wells Fargo Forgers Need To Up Their Game

It’s almost like they want to get caught opening unauthorized accounts or ordering dinner early.

Wells Fargo.Insane

Wells Fargo May Finally Get To Spend That Rainy Day Fund

All at once. In the form of some very large checks to the Justice Department and SEC.


Wells Fargo To Share (Very Small Amount) Of Tax Windfall Wealth

In fairness, Wells Fargo employees don’t exactly deserve much more.