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Wells Fargo & Company (NYSE:WFC) reportedly terminated over a dozen employees last month following an investigation into alleged falsification of work.
The employees, all part of the company’s wealth and investment management division, were dismissed following an examination of accusations related to “simulation of keyboard activity creating impression of active work,” Bloomberg reported, citing disclosures filed with the Financial Industry Regulatory Authority.
“Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior,” a company spokesperson told Bloomberg in a statement.
During the work-from-home era prompted by the pandemic, devices and software to mimic employee activity, dubbed “mouse movers” or “mouse jigglers,” gained popularity.
People shared tips for using them on platforms like Reddit, Inc. (NYSE:RDDT) and TikTok.
The Finra disclosures, however, don’t specify if the terminated Wells Fargo employees were purportedly faking remote work activity.
Despite the finance sector’s push for office returns post-pandemic, Wells Fargo delayed its return compared to JP Morgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group, Inc. (NYSE:GS)
The recent terminations at Wells Fargo mirror a past incident from 2018, where the company probed investment bank employees for expense policy breaches. They sought reimbursement for ineligible dinner expenses, Bloomberg added.
Price Action: WFC shares are trading higher by 0.39% to $57.53 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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