Catherwood LibraryILR School

In October, 30 Wells Fargo employees in the Los Angeles area were fired when they were found to be opening fake accounts with the bank to meet sales quotas. An investigation of the bank?s practices at branches across the country found that the bank?s employees tell a similar story: the constant threat of being fired leads people to act unethically. According to statements from employees, managers gave hourly sales updates to employees and those were performing poorly were often told that they may soon find themselves working at McDonalds. In addition, employees who were pressured and whose livelihood was threatened like this on a regular basis began telling customers that they were being automatically signed up for extra Wells Fargo products in order to meet the demanding quota of 6 accounts per household. Other Wells Fargo employees had talked local homeless residents into opening many accounts in order for her to get her Social Security benefits. Wells Fargo?s official statement continues to be that there is no such ?boiler-room culture? in its sales departments and the company stresses ethics above sales.