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.