A Wells Fargo branch office in New York (Photo: Bloomberg)
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.
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