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Wells Fargo Fires More Than 100 Workers for Abusing U.S. Aid

  • Bank says staff applied for relief meant for small businesses
  • JPMorgan also has dismissed workers for tapping EIDL program
Bloomberg business news
Wells Fargo Fires Employees Over Covid Relief Abuse
Updated on

Wells Fargo & Co. fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.

The firm determined that the staffers defrauded the Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to an internal memo reviewed by Bloomberg. The review focused on employees who tapped the Economic Injury Disaster Loan program, a key part of the government’s effort to prop up businesses during the pandemic.