Wells Fargo firing 3 dozen district managers as part of sales-scandal cleanup
Wells Fargo & Co. is firing around three dozen district managers for oversight failures related to a sales scandal that erupted in its retail bank more than two years ago, according to people familiar with the matter.
Senior executives, including consumer banking head Mary Mack, have briefed the Office of the Comptroller of the Currency on the firings, one of the people said. The bankWFC, -4.54%has sought to reassure regulators it is fixing problems that have emerged throughout the bank following the sales-practices scandal.
The firings mark the first wave of district manager terminations following Wells Fargo’s settlement with regulators in September 2016 related to improper sales practices. Since then, federal and state investigations have cropped up in every one of the banks major business units.
District managers at Wells Fargo typically oversee anywhere from five to 15 retail bank branches, depending on the area, the people said. They largely were spared as the company fired some 5,300 employees related to perhaps millions of fake accounts that were opened in pursuit of lofty sales goals.
An expanded version of this report appears at WSJ.com.
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