Nearly a dozen employees are fired or suspended from the investment bank of Wells Fargo. On Thursday, The Wall Street Journal reported after citing people familiar with the matter that Wells Fargo Securities over allegations; these individuals doctored after-hours dinner receipts and charged it to the company in violation of etiquette. The bank is, however, also investigating for dozens more.
These Wells Fargo employees are said to have regularly ordered dinner through online delivery services in violation of the company’s policy, which allows for dinner orders for employees who stay at work past a certain hour. Sources told the Journal that the individuals in question altered time stamps on their receipts in order to get reimbursed for the meals.
The bank is reviewing months of expense filings, and at least nine analysts and associates have been fired or have voluntarily resigned since May. The scandal has also caused a delay in bonuses.
In a statement to FOX Business, a spokesperson for the bank said: “We became aware that certain Wells Fargo Securities team members were not complying with after-hours meal reimbursement policies, after they were brought to the attention of leaders by concerned team members. We took action to address the issues and we continue to investigate the matter.”
According to the reports of the sources, the employees in question occupy positions from analyst to managing director across the bank’s New York, San Francisco and Charlotte, North Carolina locations.
These allegations do not represent the first time Wells Fargo employees have come under fire.
The scandal-ridden bank agreed to pay a sum of $185 million as fine in 2016 after it was revealed that employees were creating fraudulent accounts for customers without their approval.
The Justice Department announced in the beginning of the month that the bank would pay a civil penalty of more than $2 billion for allegedly misrepresenting the quality of its residential mortgage-backed securities in the run-up to the financial crisis.