Wells Fargo & Co. fired more than 100 employees for improperly obtaining federal novel coronavirus relief funds intended to assist struggling small businesses, Bloomberg reported late Wednesday.
According to an internal memo reviewed by Bloomberg, the bank detected activity it believes shows some staffers defrauded the U.S. Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves.”
Specifically, the relief funds abuse involved the Economic Injury Disaster Loan program, the outlet reported.
“We have terminated the employment of those individuals and will cooperate fully with law enforcement,” David Galloreese, Wells Fargo’s human resources chief, said in the memo.
The company did not specify the locations of the employees fired, but Galloreese did note in the memo that no customers or customer accounts were involved in the suspected fraud.
Read the full report here.
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