Wells Fargo (NYSE:WFC) apparently fired around 12 employees last month after it found that these employees were faking work, according to an exclusive Bloomberg report. The bank’s spokesperson commented, “Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior.”
Details of the Wells Fargo Employees’ Behavior
These employees were working in the bank‘s wealth and investment management unit and were fired for allegedly simulating keyboard activity to appear actively working, according to the bank’s disclosures filed with the Financial Industry Regulatory Authority (FINRA).
During the pandemic, devices and software like “mouse movers” or “mouse jigglers,” gained popularity for simulating employee activity. The report stated that it is not clear from the FINRA disclosures whether the fired Wells Fargo employees were faking active work from home.
In early 2022, WFC mandated a “hybrid flexible model” that requires most employees to be in the office at least three days a week. Management committee members are expected to be in office four days a week, and branch workers are in five days a week.
Is WFC a Buy or Sell?
Analysts remain cautiously optimistic about WFC stock, with a Moderate Buy consensus rating based on 11 Buys and 12 Holds. Over the past year, WFC has surged by more than 35%, and the average WFC price target of $63.56 implies an upside potential of 12.1% from current levels.
