Wells Fargo Fires Employees for Breaking Meal Reimbursement Policy
After an internal investigation, Wells Fargo has fired or suspended over a dozen bank employees in its investment banking division. The Wall Street Journal reports the employees allegedly violated the bank’s after-hours meal reimbursement policy by doctoring time stamps for delivered meals.
The company recently became aware that employees for Wells Fargo Securities had been placing dinner orders through delivery services and altering their order times. Wells Fargo reimburses bankers for meals ordered after normal business hours if the employees have to stay late to work. After their investigation, Wells Fargo found some employees were placing orders during normal business hours and then adjusting the times to appear after hours.
Wells Fargo has been investigating the matter since May, conducting a thorough analysis of employee expense filings. Since then, nine analysts have been fired or voluntarily resigned from their positions, and others have been placed on administrative leave.
The investigation started at the junior-employee level, but expanded to all employees. Terminated workers include senior analysts and managing directors in New York, Charlotte and San Francisco.
Strict policy enforcement is part of Wells Fargo’s commitment to improving its practices. The bank’s latest advertising campaign says, “Re-established 2018,” reflecting a change in leadership and risk management policies. Over the last several years, Wells Fargo has been under fire for such things as creating fake accounts, erroneously foreclosing homes and overcharging customers for auto insurance.