That after everything Wells Fargo has been through they still have gall to blame entry level employees for the cross sale and “8 is great” culture Stumpf and Tolsted bred. Bankers did what they were told which was cross sell. Just because the accounts were not used does NOT mean they were opened unethically or without permission. Wells Fargo has apologized to customers many times but they are still pointing the finger in the wrong direction and blaming employees who did their job ethically just because the model changed.
6 replies (most recent on top)
They were told long before 2013.
It all started when they did away with overdraft protection accounts and replaced it with using credit cards for that purpose. Bankers would ask if the customer wanted ODP and not tell them it was a credit card. (1999) From what I understand it went way off the rails after that but I personally tried to alert management to the trend and nobody cared. I fielded so many calls from irate customers... couldn't really tell them the Bankers were being pushed to "sell" the new ODP.
@cnm+16ZCcpzR have you not read any of the regulator reports on what was actually going on under Carrie? The employees where shamed, brow beaten and their livelihoods threatened on a sometimes hourly basis in order to "encourage" them to meet their numbers. I cannot imagine the pressure and stress imposed upon them year after year - afraid to raise their hand and lose their jobs - in a down market. Did they behave ethically - hell no - but educate yourself about the horrible conditions under which they were operating before pointing your finger.
Charlie cleaning up house. He just hired NEW risk officers of every divisions I believe ALL except one from outside. Clean up house. Out with the crooked. Following orders is not an excuse to do harm. History is full of examples. All offenders should have been sued and put in jail/fined.
Wow @cnm, you are rewriting history this morning.
Stumpf and upper management were told back in 2013 that the Eight is Great scam was ongoing.
They claimed to care, they did not, they let it ride for another few years until they got caught.
It's been well documented that sales goals were enforced with threats.
People who complained were black listed.
It was a company-wide crime created from above and blessed by the Stumpf crime organization.
This is a joke- right?? First of all, it was proven that the accounts were set up with out the knowledge of customers. Secondly, that is so unethical it’s not even funny. No one told bankers to fraudulently set up accounts to hit a goal- they gave a goal that was unattainable but then you all cheated to make it look like it could be done! Upper management is looking at results showing they could hit the goals because they WERE hitting the goals- by cheating. Maybe if more team members raised their hands or didn’t cheat our customers, we wouldn’t be where we are now. This was a problem from entry level employee up. I’ve told my boss no on several occasions in my many years here. Why- because I know the rules and sometimes he doesn’t. It’s my job to protect him, me, our company and most of all our customers.