Wells Fargo & Co. (WFC) has fired four foreign exchange bankers following an investigation that business and its practices by both the bank and regulators. The bank confirmed the four firings to the Wall Street Journal.
The foreign exchange firings suggest Wells Fargo's sales practices scandal has spread to its investment banking arm. The bank has struggled since 2015 with the fallout from the scandal, which saw bankers creating fake accounts to meet quotas and charging customers for auto insurance they never intended to purchase. The scandal had earlier been contained to Wells Fargo's retail banking business.
These firings come just weeks after the bank's CEO Timothy Sloan was raked over the coals in a Senate Banking Committee hearing for his bank's conduct and culture. The bank is conducting an internal investigation while federal regulators further examine Wells Fargo's Forex business, the Journal reported.
Wells Fargo stock gained 2.35% to $55.01 Friday afternoon. Shares are slightly lower 0.22% since the start of the year.
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