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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
02/06/201600:43:00Wells Fargo Enterprise Global Services Holds 4th Annual 10K 2,000...
02/04/201616:12:48Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/04/201615:59:47Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/04/201608:06:00No Barriers Warriors, Wells Fargo Seek Veterans with Disabilities...
02/04/201608:00:00No Barriers Warriors, Wells Fargo Seek Veterans with Disabilities...
02/04/201603:02:00Wells To Pay $1.2 Billion In Mortgage Accord
02/03/201619:55:00New Trouble Knocks Flint as Mortgage Firms Require Proof of Safe...
02/03/201619:46:00New Trouble Knocks Flint as Mortgage Firms Require Proof of Safe...
02/03/201615:04:37Current Report Filing (8-k)
02/03/201611:01:00Wells Fargo to Pay $1.2 Billion Over Faulty Mortgages -- 3rd...
02/03/201610:41:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/03/201610:05:29Prospectus Filed Pursuante to Rule 424(b)(8) (424b8)
02/03/201610:03:23Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/03/201609:41:00Wells Fargo to Pay $1.2 Billion Over Faulty Mortgages -- 2nd...
02/03/201609:17:00Wells Fargo to Pay $1.2 Billion Over Faulty Mortgages -- Update
02/03/201609:10:00Wells Fargo to Pay $1.2 Billion Over Faulty Mortgages
02/03/201609:01:00Wells Fargo to Pay $1.2 Billion Over Faulty Mortgages
02/03/201608:01:14Current Report Filing (8-k)
02/03/201605:00:00Global Shares Fall as Investors Remain Circumspect
02/02/201616:50:00Fannie Mae and Freddie Mac Agree to Terms on Resolving Mortgage...

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