Wells Fargo Scandal

>>1500220
Wells Fargo is a mess

>>1500221
I bank with the Wells Fargo wagon. Please explain.

>Wells sets a quota for employees to create a certain amount of new checking accts per month

>nobody needs to open up new checking accts every month because why the fuck would they

>agents realize they can make those quotas if they write in Joe Schmuck's name and info and dont tell him

>5300 employees fired

Should we buy now?

File: 13687042_1774752362740684_133140331_n.jpg (145KB, 1080x1080px) Image search: [Google]

145KB, 1080x1080px

>>1500260
thats capitalism for you boyo

>>1500261
Exactly, and now watch how capitalism hurts them for pulling this bs.

>>1500220
Small time when compared to the big banks

I'd short them and Samsung

>>1500250
I don't understand. If this has been going on since 2011, why wasn't something done sooner? How is it possible that the customers didn't notice the extra charges to their account?

>>1500250
How do these accounts not get linked? I have every account with wells fargo linked.

wells fargo is really shitty imo. they literally offer no incentives, and shove sales pitches down your throat every single time you visit. t

then they are scripted to say something like, "thank you for letting me go above and beyond to serve you today"

it's like bitch please. all i did was deposit cash into my checking account. you literally just did your job and nothing else.

>>1500657
You can at least say they aren't as bad as bofa.

Not that that means much.

>>1500657
Going in person... ever...

>>1500607
>>1500619
As I understand it, the ghost accounts never lasted long. Basically, to hit quotas, Wells sales people would create an account for a user without their authorization, fund it with like a miniscule amount, transfer the money back to the main account, then close the ghost account. Wells sales people are able to hit their quota, regular people affected don't have any net loss, everyone's happy right?

Except for the fact that the public expects banks not to do shady shit with your money and all this was exposed by consultants auditing their books.

As a PSA, be even more vigilant on your statements and report anything you don't recognize.

>>1500780

sometimes you gotta nigga

>>1500234
read any news article on wells fargo written in the last two weeks

This is classic corporate group think. An example of decision makers being so fucking remote from their own policies that they have no fucking idea what happens when they decree a policy from on high.

The 8 products thing has been around forever, and people have been getting fired for gaming for a long time. Alot of news articles make it seem like the 5800 employees were just fired, but it's a five year figure.

I'm not defending them, but wells does not benefit from gaming accounts. It costs them bonus and commission pay that is not actually supported. I am intimately aware of how much pressure wells puts on sales, but this is prompting alot of Bernie Sandberg ebil corporations talk. As if a bunch of board members sat around and conspired to temporarily open accounts that never generate actual revenue to pad sales force numbers.

This is just what happens when remote officers make decisions and have low level shit birds implement these flawed policies.

Wells also just got fined a billion fucking dollars by the FHA. Response? Fire a bunch of mortgage underwriters who has noting to do with the FHA loan dogfucking.

Shit rolls down hill.

>>1501016
>This is classic corporate group think. An example of decision makers being so fucking remote from their own policies that they have no fucking idea what happens when they decree a policy from on high.

I'm legitimately surprised that there doesn't appear to be a major company built on being contracted out as psychologists and analysts, whose sole job is to come up with reward structures that aren't maliciously exploitable, or at least not easily exploitable. So many big companies get burned by shit like this, and I'm not talking about the 'unethical' situations where it actually generates more profit. This in no way helped Wells Fargo at all.

Then again, the extremely narcissistic are the ones that often rise near the top in the corporate world, so it's not surprising that they don't want to contemplate the possibility that their reward system is retarded.

>>1501497
Sounds like you just found an unfilled niche bud.

>>1501525
I can't see a company like that working without some serious credentials behind it. Nobody in the top executive world would listen to you if you didn't have dozens of extremely expensive cross disciplinary people writing the reports, and that's just to get started, let alone become a major company.

Not to mention you'd have to translate reality into a flavor of corporate bullshit that could be swallowed.

> this is why nothing is too big to fail

I work for JPM. I'm surprised that only 5k employees were fired. I'd be willing to bet that ATLEAST 40-50% of their bankers opened fake accounts. Every transfer that I've talked to has done it before and says that it was common practice. They'd just hide the accounts online, and set statements up as paperless, you'd never know they were open. Some newer Branch Managers even tried to stop the practice, but once the branch numbers dropped and they got shit from Senior Management, they just switched back.

I'm surprised that these employees even stuck with Wells, they pay shit in commission, and now they're literally unemployable by any company that requires background checks.