Posted on 09/17/2016 11:29:35 AM PDT by sparklite2
A series of cutting animated videos blasting Wells Fargo’s sales incentives are getting a new life online in the wake of the bank settling federal regulatory probes that found its employees created more than 2 million bogus accounts — slamming customers with $2.6 million in fees — in order to meet branch quotas.
“If tellers and bakers make those sales numbers at the end of the month everybody in the branch will get a $5 gift card to McDonalds,” the manager says in the video. “The district manager will get a $10,000 cash bonus, and the community banking president executive will get a $50,000 cash bonus.”
(Excerpt) Read more at nypost.com ...
What a dopey company.
Obvious fraud.
I would have thought there were numerous bank oversight agencies that would put people in jail over this.
We live in an increasingly effed up world. Trust? What’s that? Never heard of it....
Ahhh the road to hell is paved with McDonalds gift cards.
There are plenty of agencies......staffed by lots of lazy, incompetent, corrupt employees. In fact many FedGov “workers” have a lot in common with those WF employees.....
Dollars to doughnuts is
dollars to Big Macs after
accounting for inflation,
I guess.
Where’s the list of Wells Fargo big wigs that will called before a Special Grand Jury because of this?
Fines don’t mean anything to banks. That’s what they have, money.
How ‘bout sending some of these slimy bastards to jail?
Another thought: How ‘bout forcing Wells Fargo to establish a fund for the little people who were harmed by this scamming? WF played. Make them pay.
Having worked in retail banking (at two competitors), I can tell you that it is the same everywhere. It was what I hated about banking. Constantly hearing, “How many new accounts did you get today?” Were constantly threatening. But I never did stoop to what these people did. They got off my case because I got a $1 million dollar mortgage. Glad I no longer work in banking.
Plus if they fail, the taxpayers bail them out. The 40 percent of us that still PAY taxes.
Where’s the list of Wells Fargo big wigs that will called before a Special Grand Jury because of this?
...
I think the article said the CEO is being called to testify before Congress.
I wouldn’t put the blame on employees for this one. Management put a lot of pressure on employees to do things they shouldn’t do, pretended nothing wrong was going on, and then when the company got caught, management blamed the employees.
Fraud on this scale is because of bad management.
Warren Buffet already lost more than a billion on WFC because of this. Keep it coming!
Im sorry but a $5 gift certificate to McDonald’s isn’t motivation for me to do anything. As a matter of fact knowing that the branch manager gets $10,000 would make me do even less.
I sold cruises, I was encouraged to lie by management to make sales. I’m sure it’s the same in any sales based position.
And WF has already said they won’t try to claw any of that back. The result, I’ve read, is that the shareholders are on the hook for millions. And that makes no sense. Owning a piece of a company does not obligate one to compensate them for anything, unless something different is going on.
I've always dreamed of being a baker. The banks just wouldn't let me.
The Banksters have been getting away with so much for so long that they - like the communist media - have lost all perspective and discretion.
As I elsewhere read:
If you own a gun, then you can rob a bank.
If you own a bank, then you can rob the world.
Bonuses are funny. It was my experience
that the response to giving everyone a
frozen turkey or a ham was, “Thank you.”
The response to giving them a seasonal
cash bonus was, “Is that all?”
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