Wells Fargo has initiated a wave of dismissals recently following allegations that some employees were using tactics to simulate keyboard activity and deceive the company into believing they were actively working.
The third-largest bank in America disclosed these decisions in broker filings with the Financial Industry Regulatory Authority (Finra).
The firm did not provide details on how the alleged issue was uncovered or whether it was linked to remote work.
New regulations in the US now mandate inspections of home offices used by brokers every three years.
“Wells Fargo holds its employees to the highest standards and does not tolerate unethical behavior,” spokeswoman Laurie Kight stated.
In response to the expansion of remote work during the Covid-19 pandemic, many large companies have implemented advanced monitoring tools. These tools can monitor keystrokes, track eye movements, take screenshots, and log website visits.
However, technology has also evolved to circumvent such surveillance, including devices like “mouse jigglers” that simulate computer activity and are readily available, with thousands sold on Amazon for less than $10 in the past month.
According to Wells Fargo’s filings, employees either resigned or were terminated “following allegations of simulating keyboard activity to create the appearance of active work.”
Bloomberg, the first to report on these firings, indicated that more than a dozen individuals were affected.