Wells Fargo Fires Four Retail Executives Over Accounts Scandal
Wells Fargo & Co. fired its consumer credit solutions head
and three other senior managers for actions related to
 a scandal involving employees creating fraudulent
 customer accounts.Claudia Russ Anderson, former community bank
chief risk officer; Pamela Conboy, a regional
president for Arizona; Shelley Freeman, former Los
 Angeles regional president and now head of consumer
 credit solutions; and Matthew Raphaelson, head of community
bank strategy and initiatives, were all dismissed based on
board’s ongoing investigation, the San Francisco-based
 lender said Tuesday in a statement.

None of the executives will receive a bonus for 2016
and will forfeit all of their unvested equity awards and
 vested outstanding options, according to the statement.

The bank has faced a barrage of criticism and calls
 for closer scrutiny since it was fined $185 million
by regulators in September for possibly opening more
 than 2 million retail bank accounts without customer
 approval. The firm is still the focus of investigations
by federal, state and local authorities.

Wells Fargo has said it fired 5,300 retail bank employees
in recent years over cross-selling abuses and eliminated
sales goals linked by regulators to the strategy.