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Wells Fargo fires a dozen employees for pretending to work - here's how they tried to get away with it
Wells Fargo has fired more than a dozen employees after investigating claims that they were pretending to work.
The workers, who were all employed in the firm's wealth and investment management unit, were let go last month after it was discovered they were allegedly involved in 'simulation of keyboard activity,' Bloomberg reported Thursday.
According to disclosures filed with the Financial Industry Regulatory Authority, the former employees were 'creating an impression of active work' through simulation tools.
'Wells Fargo holds employees to the highest standards and does not tolerate unethical behaviors,' a spokesperson told Bloomberg.
Dozens of Wells Fargo employees were fired last month after the discovered they were allegedly involved in 'simulation of keyboard activity'
The disclosure did not specify if the employees were allegedly faking working from home.
The banking industry was among one of the strongest to enforce in-office work once the COVID-19 pandemic slowed down.
Wells Fargo did not enforce working in the office as quickly as their rivals, Goldman Sachs Group Inc. and JPMorgan Chase & Co, Bloomberg reported.
At the start of 2022, Wells Fargo had a majority of its employees return to 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 behaviors,' a spokesperson said. (pictured: Wells Fargo CEO and President of Wells Fargo)
Many people shopped for gadgets on Amazon for around $20 that helped them become what is known as 'mouse movers' or 'mouse jigglers.'
Charles W. Scharf has been the Chief Executive Officer and President of the bank since October 2019. He has been a 'financial services veteran' for more than three decades,' according to the bank's website.
In recent news, Wells Fargo, Chase, JPMorgan and Bank of America are among the top US banks that closed a total of 79 branches in just six weeks- as the industry increasingly offers services online.
The figures suggested the axing of costly bricks-and-mortar locations will continue, with total closures so far for 2024 above 400.
Wells Fargo shut seventeen locations over the last six weeks, announcing eight of the closures in the last week of filings, May 27 to June 1
Wells Fargo shut seventeen locations over the last six weeks, announcing eight of the closures in the last week of filings, May 27 to June 1.
California was worst affected by the recent closures with 20 registered shuttering's between April 20 and June 1.
JP Morgan led the charge shutting 18 branches under its Chase retail arm. Wells Fargo was next with 17, including eight in just the past week.
Most national banks like US Bank, Bank of America and Wells Fargo have become increasingly confident that online banking can meet most customers' needs.