Wells Fargo WFC -0.15% & Co. has fired or suspended more than a dozen employees in its investment bank and is investigating dozens of others over alleged violations of the company’s expense policy regarding after-hours meals, according to people familiar with the matter.
At issue is whether Wells Fargo employees ranging from analysts to managing directors in New York, San Francisco and Charlotte, N.C., doctored receipts on dinners that they charged to the bank, the people said.
“We became aware that certain Wells Fargo Securities team members were not complying with the after-hours meals reimbursement policies after they were brought to the attention of our leaders by concerned team members,” a Wells Fargo spokeswoman said in a statement. “We took action to address the issue and we continue to investigate the matter.”
Source (May Contain Paywall): The Wall Street Journal