SAN FRANCISCO–Wells Fargo has fired four senior executives as part of its probe of illegal sales practices that led to more than $185 million in fines against the bank in 2016.
The bank said the four fired employees all were part of the community banking division that pressured branch employees to meet aggressive cross-sales goals and which resulted in as many as two-million bogus accounts between 2011 and 2015.
Wells Fargo said the four employees it fired were:
- Claudia Russ Anderson, former community bank chief risk officer.
- Pamela Conboy, Arizona lead regional president.
- Shelley Freeman, former Los Angeles regional president.
- Matthew Raphaelson, head of community bank strategy and initiatives.
According to Wells Fargo, the four now former executives won't receive a 2016 bonus, and will also forfeit all of their unvested equity awards as well as any vested outstanding options.
Overall, Wells Fargo said it has fired 5,300 workers for creating the fake accounts. In October 2016, then CEO John Stumpf retired and forfeited $41 million in stock awards.
The company's board of directors also opened an independent investigation into the practices, and in a statement said they expect the investigation to conclude before the bank's annual shareholder meeting in April.