Wells Fargo on Tuesday announced the firing of four current and former senior managers in connection with the San Francisco-based bank’s board’s ongoing investigation into its sales scandal.
The four, who worked in the community banking unit at the heart of the scandal, were terminated “for cause by a unanimous vote of the board,” the bank said. They are:
▪ Claudia Russ Anderson, former community bank chief risk officer;
▪ Pamela Conboy, Arizona lead regional president;
▪ Shelley Freeman, former Los Angeles regional president and now head of consumer credit solutions; and
▪ Matthew Raphaelson, head of community bank strategy and initiatives
None of the four executives will receive a bonus for 2016 and they will forfeit all of their unvested stock and vested outstanding stock options, the bank said in a statement.
The bank also said the board’s investigation is expected to be completed before the company’s annual shareholder meeting in April. Findings from the probe will be made public by that time, the bank said.
Deon Roberts: 704-358-5248, @DeonERoberts
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