Wednesday, December 12, 2018


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Tim Sloan, CEO of Wells Fargo, in an interview during the Goldman Sachs U.S. Financial Services Conference on December 4, 2018.

Michael Newberg | CNBC
Tim Sloan, CEO of Wells Fargo, in an interview during the Goldman Sachs U.S. Financial Services Conference on December 4, 2018.

Wells Fargo is firing approximately three dozen district managers for oversight failures related to a sales scandal in its retail bank two years ago, the Wall Street Journal reported Wednesday, citing people familiar with the matter.

Wells Fargo did not immediately respond to a request for comment from CNBC on Wednesday, a market holiday declared in honor of the late President George H.W. Bush, who died last week.

In September 2016, Wells Fargo fired about 5,300 employees who opened accounts in customers’ names without their consent in order to meet sales quotas. Since employees created perhaps millions of fake accounts, every major business unit of the bank has been subject to federal and state investigations, the Journal reported.

Read the full report in The Wall Street Journal.

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