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Wells Fargo fires 4 senior managers in sales scandal inquiry

Posted: 12:17 PM, Feb 21, 2017
Updated: 2017-02-21 21:42:27Z
Wells Fargo fires 4 senior managers in sales scandal inquiry

Wells Fargo's board of directors said it is firing four senior managers as part of its investigation into the bank's sales practices scandal.

The board said Tuesday the four are Claudia Anderson, the former community bank chief risk officer, Pamela Conboy, the lead regional president in Arizona, Shelly Freeman, the former regional president in Los Angeles, and Matthew Raphaelson, head of the community bank's strategy and initiatives. The board said the decision was unanimous.

The board also voted to deny any 2016 bonuses to the executives, and they will forfeit any unvested stock and stock options.

The San Francisco-based bank has been under fire since it was discovered that employees opened up to 2 million bank and credit card accounts without customer authorization in order to meet lofty sales goals.