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Bloomberg
Wells Fargo & Co. said four employees in foreign-exchange trading left the bank and the former leader of the business accepted a new role, as the Wall Street Journal reported that regulators are investigating the unit.
Simon Fowles, Bob Gotelli, Jed Guenther and Michael Schaufler are no longer with the San Francisco-based lender, Jessica Ong, a bank spokeswoman, said in an emailed statement. Sara Wardell-Smith, who previously was global head of foreign-exchange trading and sales, now leads the Americas region for the firm’s financial institutions group, Ong said.
US regulators and Wells Fargo are examining practices in the business and the four individuals were fired for cause, the Journal reported, citing unidentified people familiar with the matter. The newspaper said it wasn’t clear what issues were being probed and didn’t name the regulator involved.
The unit “will continue to serve our clients under the leadership of Ben Bonner,†said Ong, who declined to comment on the existence of an investigation.
Schaufler, reached on his mobile phone, declined to comment. Gotelli, Fowles and Guenther didn’t immediately respond to phone messages seeking comment.