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CORRECT(5/9): Wells Fargo Defends Employee Firings After Background Checks

("Wells Fargo Defends Employee Firings After Background Checks," published May 9 at 19:34, misstated the number of shoplifting arrests on an employee's criminal record in the second paragraph. The correct version follows:) DOW JONES NEWSWIRES Wells Fargo & Co. (WFC) defended its decision to fire some employees who were convicted of petty crimes long ago, saying the law requires it. The bank responded after news reports spotlighted the company for firing some employees convicted of crimes in their youth. One 58-year-old customer service worker was given a pink slip after Wells Fargo discovered two shoplifting arrests from 1972, according to an article in the Milwaukee Journal Sentinel. Wells Fargo has been taking fingerprints from new and existing employees and checking their backgrounds against the Federal Bureau of Investigation's database. Spokesman Jason Menke said the bank's hands were tied by stricter federal rules that ban financial institutions from employing people with a record of a crime that involves dishonesty or breach of trust. "There have been a number of changes in the federal regulatory environment in the past two years ... and unfortunately some team members have been affected," Menke said. "We recognize this is difficult for everyone involved." Section 19 of the Federal Deposit Insurance Act prohibits insured institutions from hiring or employing anyone with a known criminal record involving crimes like stealing, regardless of when the incidents occurred. The requirement extends to convictions of people who agreed to a pretrial diversion of prosecution for such an offense, even if those charges are dismissed. Violating the requirement could cost the bank up to $1 million a day, Wells Fargo said. Shares were recently off 6 cents at $32.57 after hours. The stock has climbed 18% so far this year. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
06/30/201611:46:22Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/30/201611:24:29Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/30/201610:44:06Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/30/201608:08:00Corporate Social Responsibility Related News Releases and Story...
06/29/201619:21:00Fed Approves Wells Fargo's Capital Plan -- Update
06/29/201616:59:00Fed Approves Wells Fargo's Capital Plan
06/29/201616:57:00Wells Fargo Receives No Objection to Its 2016 Capital Plan
06/29/201611:30:37Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/29/201609:00:00Wells Fargo Public Finance Expands; New Directors in Boston and...
06/29/201608:00:00Millennial Small Business Owners in it for the Long Haul, Wells...
06/29/201603:03:00Supreme Court Will Hear Appeal on ATM-Fees Case -- WSJ
06/28/201613:08:00Supreme Court to Hear Case on ATM Fees -- 2nd Update
06/28/201612:33:22Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/28/201612:00:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/28/201611:30:00Supreme Court to Hear Case on ATM Fees
06/28/201611:17:00Supreme Court to Hear Case on ATM Fees -- Update
06/28/201610:43:00Supreme Court to Hear Case on ATM Fees
06/28/201609:00:00Wells Fargo Awards $2.6 Million to 61 Environmental Nonprofits
06/27/201610:26:00Wells Fargo to Offer Real-Time P2P Payments to 17 Million Mobile...
06/27/201609:00:00U.S. Conference of Mayors, Wells Fargo Announce 2016 CommunityWINS...

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