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this post was submitted on 13 Jun 2024
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After that fiasco I can't believe anyone still uses Wells Fargo.
After that crime spree I can't believe Wells Fargo is still allowed to exist.
I've never used Wells Fargo, but I never heard about this fiasco you guys are talking about.
Banks like to think that branch employees (bank tellers) are sales people. Most of them give 'goals' to each employee requiring them to open a certain number of new accounts, land a certain number of loans, etc each week/month. It isn't ethical since the only people you can really sell on those services are the ones who should least get them. Anyone who actually wants/needs the services will come to you.
Wells Fargo differed from the rest of the industry by setting completely impossible goals, not just unethical ones. This led to them developing a culture where signing people up for services they didn't agree to became commonplace.
Yes, all sales is essentially unethical unless all you do is provide info when asked.
https://en.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal
You don't have a choice where your loan ends up plus there are all the corporate contracts that aren't going to change. They were stealing money from the elderly not businesses.
I have a company I deal with at work where the owner of that one cussed out and hung up the phone on the CEO of where I work. We still do business with them because it's way too much money to walk away from.
Funnily enough an accounting teacher I had used Wells Fargo