• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Venezuela abandoning the bolivar and adopting the U.S. dollar would be the biggest currency switch since the advent of the euro, Hanke says

2

American billionaires are showing off their farmland for elaborate hobbies, but a buying spree among the ultrarich risks pricing farmers out

3

'We will not endure' — Top Iranian leaders signal they are running out of time as economy crumbles ahead of Trump's next sanctions onslaught

1

Venezuela abandoning the bolivar and adopting the U.S. dollar would be the biggest currency switch since the advent of the euro, Hanke says

2

American billionaires are showing off their farmland for elaborate hobbies, but a buying spree among the ultrarich risks pricing farmers out

3

'We will not endure' — Top Iranian leaders signal they are running out of time as economy crumbles ahead of Trump's next sanctions onslaught
FinanceWells Fargo

Wells Fargo Scandals Expand With Firing of Foreign Exchange Bankers

By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
October 21, 2017, 2:04 PM ET
Add Fortune on Google for similar content.

Wells Fargo’s troubles continue to worsen, with the Wall Street Journal reporting that the bank has fired four foreign-exchange bankers, most of them high-ranking, in connection with a client transaction. A senior executive has also been reassigned, and both an internal investigation and regulators have reportedly turned their attention to the bank’s foreign exchange operation.

Though the specifics of the incident haven’t been reported, sources told the Journal that those let go included the bank’s head of foreign exchange trading, head of foreign exchange sales, and chief spot dealer, as well as a regional head of foreign exchange. A prior head of the foreign exchange group was also reportedly reassigned.

Get Data Sheet, Fortune’s technology newsletter.

The firings suggest yet another expansion of Wells Fargo’s string of sales-related scandals. The initial revelations came last year, and revolved around the bank’s retail sales operations, where workers faced with demanding quotas opened hundreds of thousands of bank and credit accounts customers hadn’t asked for.

In August, an outside review found that those fraudulent accounts were even more widespread than initially reported. It was also recently disclosed that Wells had saddled hundreds of thousands of car buyers with unwanted insurance, and concealed fees related to mortgage loans to military veterans.

Wells Fargo’s stock has slid steadily as it struggles to repair serious damage to the company’s reputation, and reform what some have called a “massively broken” corporate culture, more focused on commissions and sales targets than serving customers’ interests.

About the Author
By David Z. Morris
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Finance


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.