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Wells Fargo finds evidence supporting retaliation against whistleblowers

Wells Fargo & Co. has found evidence that some claims of retaliation against whistleblowers might have some merit, CNNMoney reported.

The company has reviewed the last five years' reports made by employees to its confidential ethics line. These reports included instances where employees identified themselves, making 40% of the callers to the hotline.

CEO Tim Sloan said in a town hall meeting in the week of Jan. 16 that Wells Fargo hired a third party to look into cases where employees were terminated within 12 months of making such calls. Wells Fargo also investigated claims of retaliation against whistleblowers who spoke to the media or the company following the phony-accounts scandal.

Sloan noted that the company is following up on a few cases that raised questions. The company is also reviewing cases resulting in corrective action short of termination within 12 months of calling the ethics hotline.