Wells Fargo Fires Managers, Denies Bonuses in Account Probe

  • Bank doesn’t specify what prompted four managers’ termination
  • Board may yet release more information, person familiar says

Wells Fargo & Co. fired the head of its consumer credit-card business and three other senior managers as the bank’s board examines how abusive sales practices spread through branches before spiraling into a national scandal last year.

Shelley Freeman, the former Los Angeles regional president who went on to run consumer-credit solutions, was terminated, along with Arizona lead regional president Pam Conboy, former community bank risk chief Claudia Russ Anderson and Matthew Raphaelson, 55, who led community bank strategy and initiatives. The bank announced the moves in a statementTuesday, saying the four won’t get bonuses for 2016 and will forfeit unvested equity awards and outstanding options.

Read on.

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