Banking

CEO: Wells Fargo has hired back 1,000 employees since scandal

Wells Fargo CEO & President Timothy Sloan is interviewed in one of his bank's branches, in New York in March.
Wells Fargo CEO & President Timothy Sloan is interviewed in one of his bank's branches, in New York in March. AP

Since last fall, Wells Fargo has hired back more than 1,000 former employees, some of whom left the bank because they were uncomfortable with the sales culture or were dismissed because they did not meet sales goals, CEO Tim Sloan said Monday in a conference call with reporters.

“We’ll continue to do that,” he said.

Sloan spoke with reporters on Monday after the bank’s board issued a report on its investigation into a massive sales scandal that placed the blame largely on now-departed executives. The board also clawed back $75 million more in stock awards from former CEO John Stumpf and former community banking head Carrie Tolstedt.

As part of the scandal, the bank has said it terminated 5,300 mostly lower-level employees for their role in opening unauthorized customer accounts to meet aggressive sales goals from January 2011 to March 2016.

Sloan said the company is not taking back any employees who were dismissed for violating the company’s code of ethics. But the company has created a team within its human resources department to respond to any former employees who left the company on their own because of the sales culture and other reasons.

“We want to hire any and all of those folks back that we can,” he said.

The more than 1,000 employees have been hired since the bank agreed in September to pay $185 million in fines over the scandal, Sloan said. The number largely consists of employees who had worked in the community bank. Many left because for sales culture reasons but not all, he said.

San Francisco-based Wells Fargo has about 269,000 employees nationwide, with more than 24,000 in Charlotte, its biggest employee hub.

Rick Rothacker: 704-358-5170, @rickrothacker

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