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Wells Fargo Faces Scrutiny for Black Marks on Ex-Employee Files

Justice League

Three senators fired at Wells Fargo’s new chief executive with fresh ammunition on Thursday: the hundreds of termination notices the bank filed with an industry overseer over the last five years as employees left the company in connection with its sales scandal.

When brokers and certain other registered representatives leave a bank — voluntarily or otherwise — the company is required to file a notice with the Financial Industry Regulatory Authority, known as Finra. Called a “U5,” the form includes a field where the bank must disclose any allegations that played a role in the employee’s departure.

A negative comment on a U5 is a scorching mark that can make it almost impossible to find another job in the banking field.

“It’s like being blackballed,” said Marc Schifanelli, a lawyer who specializes in Finra arbitration. “It can be a showstopper for a career.”

Some former employees say that…

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