Wells Fargo terminates 4 senior managers in ongoing sales practices investigation

Wells Fargo terminates 4 senior managers in ongoing sales practices investigation
Wells Fargo terminates 4 senior managers in ongoing sales practices investigation

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Wells Fargo said on Tuesday it has terminated four senior managers based on its board of directors' ongoing independent investigation into the bank's sales practices.

In a release on Tuesday, the fourth-largest U.S. bank said, four current or former senior managers in community banking have been terminated.

• Claudia Russ Anderson – Former Community Bank Chief Risk Officer

• Pamela Conboy – Arizona Lead Regional President

• Shelley Freeman – Former Los Angeles Regional President (now head of Consumer Credit Solutions)

• Matthew Raphaelson – Head of Community Bank Strategy and Initiatives

These terminations follow the bank being fined $185 million by regulators including the Consumer Financial Protection Bureau for fraudulent accounts.

According to a complaint filed in May 2015, Wells Fargo employees pushed checking account customers into savings, credit and online accounts that could generate fees.

The executives will not receive a bonus for 2016 and they will forfeit all of their unvested equity awards and vested outstanding options, the bank said.

The board said findings are expected before its 2017 annual meeting.

—Reuters contributed to this report.

CNBC

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