Company News

Wells Fargo fires more than 100 workers over relief fund abuse- Bloomberg News

Oct 14 (Reuters) - Wells Fargo & Co has fired more than 100 employees for unethically getting coronavirus relief funds, Bloomberg News reported here on Wednesday, citing a person with knowledge of the situation and an internal memo.

The bank found staffers who it believes defrauded the U.S. Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to the Bloomberg report.

The abuse was tied to the Economic Injury Disaster Loan program and outside the employees’ roles at the bank, the report said.

Wells Fargo did not immediately respond to a Reuters request for comment.

In May, the fourth largest lender said U.S. agencies were probing its handling of the Paycheck Protection Program for coronavirus relief. (Reporting by C Nivedita in Bengaluru; Editing by Shinjini Ganguli)