The lender noted that the workers cheated the Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” Bloomberg reported last month, citing an internal memo it reviewed. These employees allegedly sought the funds from the Economic Injury Disaster Loan program, which the government instituted to assist struggling businesses during the pandemic.
“We have terminated the employment of those individuals and will cooperate fully with law enforcement,” David Galloreese, Wells Fargo’s head of human resources, wrote in the memo. “These wrongful actions were personal actions, and do not involve our customers.”