Wells Fargo Shares Dip As Bank Fires 4 FX Traders Following Investigations

Wells Fargo CEO Tim Sloan received the patented Elizabeth Warren treatment during testimony before the Senate Banking Committee last month when the Massachusetts Senator accused him of sharing in the blame for the bank’s fraudulent sales practices and opined that he ‘should be fired’, echoing comments she made about his predecessor, John Stumpf, a year earlier.
And just as the CEO has been making the media rounds to try to rehabilitate the bank’s battered public image, yet another scandal appears to be breaking – but this time it originated in the bank’s investment banking unit.
WSJ reported that the bank has fired four foreign-exchange bankers amid an investigation into that business by both the bank and regulators.
While the nature of the purported misconduct is unclear judging by the report, in an amusing coincidence, the news of the firings broke as former-HSBC FX trader Mark Johnson awaits the verdict on whether he defrauded a client when he was running part of HSBC’s FX sales business in London. WSJ reports the bankers were fired for cause.

This post was published at Zero Hedge on Oct 20, 2017.