Wells Fargo get rids of a vice president who liked luxurious parties

image Wells Fargo & Co has dismissed a senior vice president after having investigated into her misconduct that involved arrangement of lavish parties at a foreclosed beachfront Malibu house owned by the bank. In an official statement on Monday the bank reported that it had terminated senior vice president Cheronda Guyton, who it found had violated its policies.

"We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members," the bank said in the statement.

Guyton, who had been responsible for Wells Fargo’s foreclosed commercial properties, arranged parties at the 3,800-square-foot beachfront house on Malibu Colony Drive on weekends with guests arriving on a yacht.

Any kind of corporate misbehavior affects the institution and the industry, said Sandra Chrystal, who teaches business ethics and communications at University of Southern California. Chrystal said a company committee likely made the decision to let Guyton go.

"If anything the corporate culture is now more sensitive to issues like this because of the financial problems and impression that anyone in the financial industry is wealthy or having a good time at the expense of the common public," Chrystal said.


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