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.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

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