Bankers fired for “faking” their work at the keyboard

Wall Street bank Wells Fargo has fired more than a dozen employees for allegedly pretending to be sitting at their keyboards, while financial firms are cracking down on compliance violations among hybrid employees.

The bank said it fired the employees last month “after investigating allegations that keyboard activity was simulated to create the impression of active work,” according to documents from the U.S. financial regulator Finra.

The employees all worked in Wells Fargo's investment and wealth management divisions, many of whom had joined in the past two years. At least one of them had worked for the bank for more than seven years.

“Wells Fargo sets the highest standards for its employees and does not tolerate unethical behavior,” commented a spokesman for the bank.

Finra's filings do not reveal what techniques employees used to allegedly fake work. As working from home became more popular during the Covid-19 pandemic, devices like “mouse wiggles” rose in popularity. These devices are designed to trick bosses into thinking employees are actively working when they are not.

UK financial regulator Finra recently reinstated working rules that had been relaxed during the pandemic, with some warning that this would force companies to review their employees' home office arrangements, putting a strain on hybrid working models.

Last month, Barclays and Citigroup told hundreds of workers they would have to report to the office five days a week starting in June, in response to Finra rules they said would make it harder for them to retain remote workers.

Wall Street firms were among the most aggressive in getting employees back to the office. Wells Fargo was slower to respond than firms like JPMorgan Chase and Goldman Sachs, but now expects most employees to be in the office at least three days a week.

In January, Bank of America sent “advice letters” to its employees threatening disciplinary action if they failed to attend the office for a certain minimum number of days.