Whistleblower to be reinstated by Wells Fargo, along with $575,000 fine for the company – 24th May 2017

The U.S. Department of Labor on Friday ordered Wells Fargo & Co to pay $575,000 and to rehire a whistleblower the bank had dismissed in September 2011 after the former employee raised concerns over the opening of customer accounts without their knowledge, the agency said in a statement. The name of the whistleblower was not disclosed. Representatives for the bank did not immediately respond to questions. Wells Fargo was fined last year for opening up to 2.1 million customer accounts without their knowledge over several years to meet aggressive sales targets. The revelation damaged the bank’s reputation, spurred investors to sell its shares for several weeks and led to the resignation of its chief executive last year.

 

 

Dan Freeds, Reuters