Wells Fargo fires 4 executives in aftermath of scandal


Months after it came to light that Wells Fargo employees created as many as 2 million fraudulent accounts in the names of bank customers without permission, the company announced Tuesday that it has fired four senior managers. They will not receive a bonus for 2016 and will forfeit their unvested equity awards and vested outstanding options, Wells Fargo said.
The board unanimously agreed to terminate Shelley Freeman, former Los Angeles regional president and current head of consumer credit solutions; Pamela Conboy, Arizona lead regional president; Matthew Raphaelson, head of community bank strategy and initiatives; and Claudia Russ Anderson, former community bank chief risk officer. Wells Fargo did not explain how the fired executives were connected to the unauthorized accounts scandal.
The bank agreed in September to pay a $185 million settlement with several agencies, including the Consumer Financial Protection Bureau, and said it fired around 5,300 workers in connection with the scandal. Last month, Wells Fargo reported that 200,000 fewer checking accounts were opened and new customer credit card applications dropped 47 percent compared with the same month a year earlier.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Ukraine-Russia: is peace deal possible after Easter truce?
Today's Big Question 'Decisive week' will tell if Putin's surprise move was cynical PR stunt or genuine step towards ending war
By The Week UK
-
The bougie foods causing international shortages
In the Spotlight Pistachios join avocados and matcha on list of social media-driven crazes that put strain on supply chains and environment
By Harriet Marsden, The Week UK
-
Strep infections are rising in the US
Under the radar The cases have more than doubled in 10 years
By Devika Rao, The Week US
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
By Peter Weber, The Week US
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
By Justin Klawans, The Week US
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
By Justin Klawans, The Week US
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US
-
Will Trump's tariffs hurt Walmart?
Today's Big Question The world's biggest retailer 'isn't immune' to trade impacts
By Joel Mathis, The Week US
-
Store closings could accelerate throughout 2025
Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
By Justin Klawans, The Week US