Pamela Conboy, Wells Fargo’s senior executive in Arizona, was dismissed Tuesday along with three other current and former top managers in the wake of the bank’s customer-account scandal.
As Arizona lead regional president, Conboy oversaw operations here for Wells Fargo, the largest bank in the state with 15,000 employees and 250 branches. Wells Fargo ranked fifth overall among all non-government employers in the state, according to the 2016 Republic 100 report.
Last year, the Consumer Financial Protection Bureau levied its largest fine ever, $100 million, against Wells Fargo over the illegal practice of opening unauthorized deposit and credit-card accounts for customers, then collecting fees in many cases. The actions resulted from sales targets and compensation incentives designed for certain bank employees. More than 2 million unauthorized accounts were opened.
Wells Fargo agreed to reimburse all victims and pay a $35 million penalty to the Office of the Comptroller of the Currency, plus $50 million to the city and county of Los Angeles. The scandal also resulted in the resignation of John Stumpf as chairman and CEO, and the dismissal of roughly 5,000 employees.
Conboy was known for getting out and talking with employees and customers around the state, spending one day each week visiting branches.
“I have visited every store in Arizona, sometimes two or three times,” she once told The Arizona Republic. “I love to hear (from employees) — why they came to Wells Fargo and what keeps them here.” She’s a former high school cheerleader from Southern California who made the proverbial climb up the corporate ladder in a career spanning more than 35 years with the company. She started out as a part-time worker, then moved up to teller and higher positions.
Conboy assumed her most recent post as Arizona head of banking for Wells Fargo in 2007. She chaired the Valley of the Sun United Way and served on the boards of many other charitable and civic groups in the Phoenix metro area.
The San Francisco-based corporation on Tuesday said its board also terminated Claudia Russ Anderson, former community bank chief risk officer; Shelley Freeman, head of consumer credit solutions and a former Los Angeles-region president; and Matthew Raphaelson, head of community-bank strategy and initiatives.
Wells Fargo is still investigating the matter. “None of these executives will receive a bonus for 2016, and they will forfeit all of their unvested equity awards and vested outstanding options,” the company said in a statement.
The Securities and Exchange Commission, federal Department of Labor and a few other federal and state regulators are still investigating the bank over this matter.
