Wells Fargo recently fired several employees after accusations that they used devices to fake keyboard activity, misleading the bank into believing they were working.
This was disclosed in the broker's filings with the Financial Industry Regulatory Authority (Finra).
The bank, America's third-largest bank, did not provide details on how the problem was discovered or whether it was related to remote work arrangements. This measure comes at a time when new US regulations require that offices used by brokers who work from home be inspected every three years.
“Wells Fargo holds its employees to the highest standards and does not tolerate unethical behavior,” said Wells Fargo spokeswoman Lori Kite.
The rise of remote work during the COVID-19 pandemic has led many major companies to adopt sophisticated employee monitoring tools. These tools can track keystrokes and eye movements, take screenshots, and record website visits. In response, some employees have turned to technology to evade surveillance, such as “mouse movements,” which make computers appear to be in active use. These devices are readily available on platforms like Amazon, where thousands of them were sold for less than $10 in the past month.
Wells Fargo filings revealed that employees had resigned or been fired “following review of allegations involving simulated keyboard activity creating the impression of active work.” According to Bloomberg, which was the first to report the dismissals, more than a dozen employees were affected. Business Matters confirmed six dismissals and one voluntary resignation after facing these allegations. Most of these employees had been working with the company for less than five years.
This crackdown on unethical behavior coincides with a broader campaign within the financial industry to return employees to their offices. While remote work remains popular, its prevalence has declined since the height of the pandemic. Research conducted by professors at the Autonomous Technological Institute of Mexico (ITAM) Business School at Stanford and the University of Chicago found that last month, less than 27% of paid workdays were work-from-home days, down from more than 60% in 2020. As of this spring, about 13% of full-time employees in the United States were working remotely, with another 26% working in hybrid arrangements.
In 2022, Wells Fargo announced that it had adopted a hybrid-flex model for most of its employees, reflecting the continued evolution of workplace practices in a post-pandemic world.
