Yet another scandal has reportedly broken out at Wells Fargo.
The bank has fired or suspended at least a dozen employees at its investment bank – Wells Fargo Securities – over allegations these individuals doctored after-hours dinner receipts and charged it to the company in violation of etiquette, The Wall Street Journal reported on Thursday, citing people familiar with the matter. The bank is also investigating dozens more.
These Wells Fargo employees are said to have regularly ordered dinner through online delivery services in violation of the company’s policy, which allows for dinner orders for employees who stay at work past a certain hour. Sources told the Journal that the individuals in question altered time stamps on their receipts in order to get reimbursed for the meals.
Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry.
The bank has helped two of the biggest U.S. firearm and ammunition companies access $431.1 million in loans and bonds since December 2012, when the gun control debate gained steam after the school shooting in Newtown, Connecticut, according to data compiled by Bloomberg. That puts it on the top of the list of banks arranging funding for gunmakers.
Wells Fargo also has a long relationship with the National Rifle Association, inherited from banks that Wells took over. The San Francisco-based Wells Fargo created a $28 million line of credit for the NRA and operates the primary accounts for the pro-Second Amendment group, financial documents show.
Following the Feb. 14 shooting at a Parkland, Florida, high-school that left 17 dead, retailers such as Dick’s Sporting Goods Inc. have implemented stricter gun rules, such as increasing the age necessary to buy one, and some companies, like Delta Air Lines Inc., have cut ties with the NRA’s member-benefits program. Those changes were largely driven by boycott movements on social media. Banks, which have made millions financing the NRA and firearms manufacturers, haven’t been a focus in the same way.