People of the world trust banks to protect their funds and do so with integrity and honesty. When people who work for these banks become dishonest, this begins to become a bit of a problem. It seems like this is the case for one of the most notable banks of the United States. According to CNN, Wells Fargo has let go of thousands of employees because of their involvement with some phony accounts. This news has people who bank with Wells Fargo very concerned.
The news of this mass firing surfaced on Thursday. CNN is reporting that about 5,300 employees were fired from the company. The employees were let go for creating thousands of bank and credit card accounts. These accounts were unauthorized by the company. Officials are also saying that these crimes had been going on since about 2011.
Federal regulators released the information pertaining to the fake accounts. CNN also reports that the creation of the accounts allowed the fired workers to improve their own pay. Apparently, the phony accounts earned the bank more unwarranted fees. Officials estimate that over 1 million fake deposit accounts were created.
Wells Fargo has confirmed and acknowledged the claims being made. CNN Money has gotten confirmation from the company stating that they have been letting go of employees over the past several months in order to address this issue. The bank is also stating that they have agreed to pay $185 million in fines as well as another $5 million to pay back all the customers who suffered.
Banks are establishments that people trust with their funds and quite a lot of their personal information. As Wells Fargo continues to resolve this issue, one can only wonder how the bank will resolve these issues in the future.
