Wells Fargo workers worry the bank still has unethical business practices
Wells Fargo lost so much public trust for the bank’s shady business practices, which came to light in the aftermath of the Great Recession, that it spent much of last year apologizing with its Wells Fargo “Re-established” campaign. But according to a new report from the New York Times, the nation’s fourth-largest bank hasn’t been reformed as much as it’s been rebranded.
According to Times reporters Emily Flitter and Stacy Cowley, “Wells Fargo workers say they remain under heavy pressure to squeeze extra money out of customers” and that employees “have witnessed colleagues bending or breaking internal rules to meet ambitious performance goals.”
There’s “no evidence” that workers are secretly opening accounts in customers’ names, as they did in the past, but employees have reportedly been pressured by Wells Fargo to sell financial products customers can’t afford, collect credit card debt at breakneck speeds, and send incorrect interest rates and fee calculations on mortgages. A financial adviser interviewed noted the company pushed her to steer clients toward fee-generating investments including an instance in which “it was not in the client’s best interest.”