Wells Fargo has fired more than a dozen employees after investigating claims they faked their jobs.
The employees, who all worked in the company’s wealth and investment management division, were fired last month after it was discovered they were allegedly involved in “simulation of keyboard activity,” according to Bloomberg. reported Thursday.
According to disclosures filed with the Financial Industry Regulatory Authority, the former employees created “an impression of active work” through simulation tools.
“Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior,” a spokesperson said Bloomberg.
Dozens of Wells Fargo employees were fired last month after discovering they were involved in ‘simulation of keyboard activity’
The disclosure did not specify whether the employees were allegedly pretending to work from home.
The banking sector was among the strongest to enforce in-office work as the COVID-19 pandemic subsided.
Wells Fargo didn’t enforce office work as quickly as their rivals, Goldman Sachs Group Inc. and JPMorgan Chase & Co, Bloomberg reported.
In early 2022, Wells Fargo allowed a majority of its employees to return to the office to work under a hybrid flexible model.
The practice of simulating keyboard activity became increasingly common and easily accessible during the pandemic.
“Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior,” a spokesperson said. (photo: Wells Fargo CEO and President of Wells Fargo)
Many people bought gadgets on Amazon for around $20, turning them into so-called “mouse movers” or “mouse jigglers.”
Charles W. Scharf has served as Chief Executive Officer and President of the bank since October 2019. He is a “financial services veteran” of more than three decades, the bank’s report said. website.
Recent news shows that Wells Fargo, Chase, JPMorgan and Bank of America are among the top US banks that have closed a total of 79 branches in just six weeks as the industry moves more services online.
The figures suggest that the elimination of expensive physical locations will continue, with the total number of closures to date exceeding 400 by 2024.
Wells Fargo has closed 17 locations in the past six weeks, announcing eight of the closures in the final week of filings, May 27 to June 1
Wells Fargo has closed 17 locations in the past six weeks, announcing eight of the closures in the final week of filings, May 27 to June 1.
California was hardest hit by the recent closures with 20 shutterings recorded between April 20 and June 1.
JP Morgan led the charge, closing 18 locations under its Chase retail arm. Wells Fargo was next with 17, including eight in the past week.
Most national banks such as US Bank, Bank of America and Wells Fargo have become increasingly confident that online banking can meet the needs of most customers.