Bloomberg News reports:
Wells Fargo & Co. fired more than 100 employees for improperly getting coronavirus relief funds, according to a person with knowledge of the situation, Bloomberg News reports.
The firm 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 an internal memo reviewed by Bloomberg.
The abuse was tied to the Economic Injury Disaster Loan program and was outside the employees’ roles at the bank, according to the memo. U.S. banks were urged by the SBA to look out for suspicious deposits from the EIDL program to their customers and even their own staff.