Yet another scandal has reportedly broken out at Wells Fargo.
The bank has fired or suspended at least a dozen employees at its investment bank – Wells Fargo Securities – over allegations these individuals doctored after-hours dinner receipts and charged it to the company in violation of etiquette, The Wall Street Journal reported on Thursday, citing people familiar with the matter. The bank is also investigating 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.”
The employees in question occupy positions from analyst to managing director across the bank’s New York, San Francisco and Charlotte, North Carolina locations, the Journal reported.
These allegations do not represent the first time Wells Fargo employees have come under fire.
The scandal-ridden bank agreed to pay a $185 million fine in 2016 after it was revealed that employees were creating fraudulent accounts for customers without their approval.
Earlier this month, the Justice Department announced 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.