Wells Fargo, Which Acquired Troubled Bank Wachovia, Fires Exec Over Malibu House Scandal; Banking Industry Today Offers Complete News Coverage
WASHINGTON, September 15 – /EIN News/ Faced with blog calls for a consumer boycott of the bank, Wells Fargo has attempted to prevent a public relations disaster by firing vice president Cheronda Guyton following reports that she used a luxurious beachfront Malibu home owned by the bank for “eye-catching” private parties.
The scandal is especially embarrassing given Wells Fargo’s acceptance of federal bailout money. By acting swiftly the bank is trying to present the fired executive’s conduct as the isolated action of an individual and cut the story off quickly.
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