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California Treasurer John Chiang stated: "Wells Fargo's fleecing of its monstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed." In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization." The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. Under pressure from their supervisors, employees would often open accounts without customer consent. Sloan would later replace John Stumpf as CEO. In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any ".overbearing sales culture". In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible quotas. Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight". In a 1998 interview, Kovacevich likened mortgages, checking and savings accounts, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients". Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.
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Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller. For instance, a customer with a checking account might be encouraged to take out a mortgage, or set up credit card or online banking account. 5.2 Financial and business implicationsīackground Cross-selling Ĭross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers.5 Legacy at Wells Fargo and long-term impact.3 Later government investigations and fines.2.4 On non-management Wells Fargo employees.2 Initial impact of the fraud, legal action, and press coverage.
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