Wells Fargo fires four senior managers over account-opening sales scandal


AP

NEW YORK — Wells Fargo’s board of directors fired four senior managers as part of its investigation into the bank’s sales practices scandal.

Tuesday’s announcement is the first public firing of managers and executives since Wells acknowledged in September that its employees opened up to 2 million bank and credit card accounts without customer authorization in order to meet lofty sales goals.

When the scandal first broke, Wells had said it had fired roughly 5,300 employees as a result of the scandal, the vast majority of them lower-level workers. Numerous branch employees have said that intense sales pressure from senior managers was at least partially why they were driven to open the accounts.