I’ve commented on Wells Fargo in the past. Consequently, I’m not completely surprised by the new information on the fraudulent accounts opened at Wells Fargo. A disturbing trend I’ve noticed in the financial sector is a tendency for companies to push their employees towards unrealistic sales goals – oftentimes leading to some form of illegal activity. The fake accounts opened by bankers on their clients’ dime is a total breach of trust – but I don’t lay the blame solely at the feet of the employees who engaged in this behavior. The culture that encouraged this behavior is rooted in greed and disregard for their customers. Wells Fargo, more than any other of the ‘big banks,’ has been able to maintain a veneer of caring for customers after the financial crisis. However, it turns out that they aren’t any different than their peers in the banking industry – demanding so much of their employees, that many felt they had no choice but to cheat the system. You can get more information on this at The New York Times.
Image: Eric Thayer/Bloomberg via NYT