Well, I don’t think they did it to steal depositor money exactly, they were trying to hit their monthly quotas for opening new accounts. It’s why they are so hard sell in those places.
“Well, I don’t think they did it to steal depositor money exactly, they were trying to hit their monthly quotas for opening new accounts.”
Well put. Take a look at the careers section for any major bank - especially where it comes to hiring personal bankers. Cross-selling of products (and likely a quota to go with it) is a major part of those positions.
Didn’t make quota? You were probably out the door.
But this wasn’t the case of a few renegade personal bankers or even a few over-zealous branch offices. This problem looks like it was endemic at WF. I definitely have to think that mid-mgmt and upper mgmt had to know something had a bad smell about it.