Wells Fargo fires employees for false representation while applying for COVID-19 SBA fund

According to a source familiar with the matter at hand, Wells Fargo & Co has fired around 100 to 125 employees for unethical behavior including helping themselves with coronavirus relief funds.

According to an internal memo, Wells Fargo believes that some of its staff have made “false representations in applying for coronavirus relief funds for themselves”, thus defrauding the U.S. Small Business Administration, wrote David Galloreese, head of Human Resources, in the internal memo.

“These wrongful actions were personal actions, and do not involve our customers.”

According to another report from the Financial Times, in September 2020, JPMorgan Chase & Co had also dismissed several employees who allegedly misused funds meant to help businesses cope with the COVID-19 pandemic.

Categories: Creativity, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

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