- Wells Fargo is firing approximately three dozen district managers for oversight failures related to a sales scandal two years ago, according to people familiar with the matter, the Wall Street Journal reported Wednesday.
Wells Fargo is firing approximately three dozen district managers for oversight failures related to a sales scandal in its retail bank two years ago, the Wall Street Journal reported Wednesday, citing people familiar with the matter.
The bank wants to reassure regulators that it is fixing problems that emerged from the September 2016 scandal related to sales practice abuses, the Journal reports.
A Wells Fargo spokeswoman declined the Wall Street Journal's request to comment, as did a spokesman from the Office of the Comptroller of the Currency.
Wells Fargo did not immediately respond to a request for comment from CNBC on Wednesday, a market holiday declared in honor of the late President George H.W. Bush, who died last week.
In September 2016, Wells Fargo fired about 5,300 employees who opened accounts in customers' names without their consent in order to meet sales quotas. Since employees created perhaps millions of fake accounts, every major business unit of the bank has been subject to federal and state investigations, the Journal reported.
Read the full report in The Wall Street Journal.