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Photo: Robert Alexander/Getty Images

Wells Fargo has fired between 100 and 125 employees whom the company believes defrauded the Small Business Administration by applying for and receiving coronavirus relief funds for themselves, according to an internal memo obtained by Axios.

  • More terminations could be on the way, as a source familiar with the situation told Axios an investigation into the matter is ongoing.

What happened: The firings, first reported by Bloomberg, come after the employees received the money through the Economic Injury Disaster Loan program, which is reserved for small businesses and nonprofits. They applied for the loans outside of their work responsibilities, per the memo.

  • JPMorgan Chase & Co. found that 500 of its employees applied for the same loan, and that dozens did so improperly, Bloomberg reported last month.

What they're saying: "We have terminated the employment of those individuals and will cooperate fully with law enforcement," wrote David Galloreese, head of Wells Fargo Human Resources, in the memo. "These wrongful actions were personal actions, and do not involve our customers."

  • "While these instances of wrongdoing are extremely unfortunate and disappointing, they are not representative of the high integrity of the vast majority of Wells Fargo employees."

Go deeper

What banks' booming profits say about the economy

Illustration: Sarah Grillo/Axios

Some of America's biggest banks are making more money now than they were before the pandemic hit.

Why it matters: Quarterly earnings out this week hint that the worst economic scenarios haven't yet come to pass. Still, executives are warning there could be a rocky road ahead for the economy.

Tim Scott hopes to reintroduce version of GOP police reform bill

Photo: Stefani Reynolds/Bloomberg via Getty Images

Sen. Tim Scott (R-S.C.) told reporters Wednesday he plans to reintroduce his police reform bill or a similar proposal in the coming weeks and that he has discussed a potential compromise with Rep. Karen Bass (D-Calif.) and Sen. Cory Booker (D-N.J.).

Why it matters: Eyes have again turned to Washington to take steps to address police reform in the wake of Derek Chauvin's guilty verdict Tuesday, after efforts stalled in Congress last year.

Biden announces small business tax credits for vaccine PTO

Photo: Doug Mills/The New York Times/Bloomberg via Getty Images

President Biden on Wednesday called on all employers to provide workers paid time off to get vaccinated or recover from COVID side effects, and said he'll include a paid tax credit for small businesses that do so.

Why it matters: The Biden administration sees workplaces as highly influential in making shots more convenient for working adults who are in high-risk industries.