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.
-
Critics push back as the government goes after Job Corps
The Explainer For at-risk teens, the program has been a lifeline
-
5 horror movies to sweat out this summer
The Week Recommends A sequel, a reboot and a follow up from the director of 'Barbarian' highlight the upcoming scary movie slate
-
Bryan Burrough's 6 favorite books about Old West gunfighters
Feature The Texas-raised author recommends works by T.J. Stiles, John Boessenecker, and more
-
'Wrench attacks' are targeting wealthy crypto moguls
The Explainer The attacks are named for physical coercion that can be used to gain crypto passwords
-
Trump is trying to jump-start US manufacturing. Is it worth it?
Today's Big Question The jobs are good. The workers may not be there.
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
The end of WeightWatchers?
Talking Point The diet brand has filed for bankruptcy in the US as it struggles to survive in era of weight-loss jabs
-
Visa wants to let AI make credit card purchases for you
The Explainer The program will allow you to set a budget and let AI learn from your shopping preferences
-
A newly created gasoline giant in the Americas could change the industry landscape
The Explainer Sunoco and Parkland are two of the biggest fuel suppliers in the US and Canada, respectively
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement