In prepared congressional testimony, Wells Fargo & Co. CEO Tim Sloan recently said that the company has rehired 1,780 employees who had quit or were fired after the bank's phony accounts scandal. Around 5,300 employees were fired after taking part in the creation of accounts without customers' knowledge. Wells Fargo says that many others quit or were pushed aside. Some were fired for blowing the whistle on illegal conduct.
There has been a major development in the case of Wells Fargo and the harsh incentives it allegedly put in place to encourage its private bankers to open fraudulent accounts. A former branch manager in Pomona, California, was fired after she brought forward concerns about conduct that she reasonably believed constituted mail, wire and bank fraud to her superiors.