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Wells Fargo & Co. was fined more than $22 million by the U.S. Labor Department for allegedly firing a senior manager in its commercial banking unit after the employee reported concerns about misconduct to company management.
The Labor Department’s Occupational Safety and Health Administration, which imposed the penalty, ordered the bank to pay a Chicago-based whistleblower a range of damages, including back wages, interest, lost bonuses and benefits, and compensatory damages.
Wells Fargo disagrees with the finding and intends to appeal with an administrative law judge, a bank spokeswoman said. The bank’s employees are encouraged to report concerns, she said, adding that Wells Fargo conducts prompt and thorough investigations.
OSHA said Wells Fargo fired the manager illegally when the unnamed employee reported being directed to falsify customer information and expressed concerns over price-fixing and interest-rate collusion to managers and to a corporate ethics line.
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