Wells Fargo & Co. is investigating employees in its investment bank for alleged violations of its expense policy after they tried to get the company to pay for ineligible evening meals.
The lender has already fired or suspended more than a dozen staff members for allegedly doctoring receipts to allow them to expense the meals, the Wall Street Journal reported earlier Thursday, citing people familiar with the matter it didn’t identify.
“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,” Jessica Ong, a spokeswoman for Wells Fargo, said in an email to Bloomberg. “We took action to address the issue and we continue to investigate the matter.”
Investment bankers allegedly doctored the time of emailed receipts to qualify the purchases for reimbursement from the bank, the Journal reported.
The latest revelation of misconduct at Wells Fargo comes as the San Francisco-based bank tries to overhaul its internal culture after two years of lawsuits, investigations and fines that have taken a toll on the firm’s reputation, business and relations with regulators.