Wells Fargo & Co. said Friday it has fired Franklin Codel, head of its consumer lending business, because of his actions in a communication with a former team member who was let go. The dismissal did not relate to the business or operations of the lending business, or to sales practices. The move “was the result of Codel’s acting in a manner that was contrary to the company’s policies and expectations of its senior leaders during a communication he had with a former team member regarding that team member’s earlier termination,” the bank said in a statement. The unit’s four heads will report to Chief Executive Tim Sloan, while the bank appoints a successor. Shares were indicating lower in premarket trade, and are down about 1% in 2017, while the S&P 500 has gained 15%.
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