More than a dozen Wells Fargo employees have been suspended or fired for violating the bank’s after-hours meal reimbursement policies.
The reimbursement policy was specific to Wells Fargo’s investment banking and capital markets business group, which paid for dinner for employees who had to stay late for client work. The violations were uncovered after “concerned team members” brought it to the attention of team leaders, a spokeswoman said.
“We took action to address the issues, and we continue to investigate the matter,” she told the Washington Examiner in an emailed statement.
The employees doctored the time on dinner receipts from online meal delivery companies to be eligible for reimbursement, according to the Wall Street Journal, which first reported the matter.
Wells Fargo paid $2 billion in August to settle Department of Justice claims that it misrepresented borrower income in home loans that were packaged into mortgage-backed securities and sold to investors, making them appear less risky than they were. The bank also paid $1 billion in civil penalties earlier this year to settle an investigation into mortgage- and auto-lending practices.
