Wells Fargo Fires Employees Over Alleged Coronavirus Relief Fraud

The transcript discusses Wells Fargo employees allegedly lying to obtain coronavirus relief funds through the Economic Injury Disaster Loan program, potentially defrauding the US Small Business Administration. Wells Fargo's Human Resources Department issued a memo addressing this misconduct, and the company is currently investigating the situation.

What was the main topic of the memo obtained by media outlets?

• Employees applying for coronavirus relief funds

• Changes in the banking sector

• New investment strategies

• Wells Fargo's new hiring policy

What did Wells Fargo's Human Resources Department suspect about the employees?

• They were working overtime

• They were planning a strike

• They were transferring funds illegally

• They lied on their relief fund applications

Through which program did the employees file their applications?

• Economic Injury Disaster Loan program

• Home Mortgage Relief program

• Federal Student Loan program

• Paycheck Protection Program

What would defrauding the US Small Business Administration imply?

• Breach of employee contract

• Misuse of company resources

• Violation of banking regulations

• Fraudulent activity against a federal agency

What action is Wells Fargo taking in response to the situation?

• Launching a new marketing campaign

• Issuing a public apology

• Conducting an internal investigation

• Closing several branches