Wells Fargo Terminates Four Execs Based on Investigation

Four current or former senior managers in Wells Fargo’s Community Banking division have been terminated for cause by a unanimous vote of the board, based on an investigation into the company’s retail banking sales practices. The terminated managers are:

  • Claudia Russ Anderson – Former Community Bank CRO
  • Pamela Conboy – Arizona lead regional president
  • Shelley Freeman – Former Los Angeles regional president (now head of Consumer Credit Solutions)
  • Matthew Raphaelson – head of Community Bank Strategy and Initiatives

None of these executives will receive a bonus for 2016 and they will forfeit all unvested equity awards and vested outstanding options.

The board’s independent investigation is ongoing. The investigation is expected to be completed before the company’s April 2017 annual meeting of stockholders and its findings and any additional actions will be made public by that time.

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