Wells Fargo rehires about 1,000 staff in wake of account scandal

NEW YORK: Wells Fargo & Co, accused of ousting branch workers who struggled to reach untenable sales targets or objected to burgeoning misconduct, has rehired about 1,000 former employees as Chief Executive Officer Tim Sloan tries to put the scandal to rest.

Sloan, who took the helm in October, announced the hiring spurt on a conference call with journalists on Monday as he ticked off reforms and promised managers are learning from a scathing 113-page report the board issued hours earlier on the long-running abuses.

The bank created a human resources team months ago to help innocent employees rejoin the company, he said. “When you violate your code of ethics at Wells Fargo, you don’t have an opportunity to come back,” said Sloan, 56. But many others “left because of their concerns,” or as a result of the bank’s longtime emphasis on selling more products, he said.