The Misconduct In Wells Fargo's Employee

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On September 8th, Wells Fargo’s misconduct was exposed when the Los Angeles City Attorney, the Consumer Financial Protection Bureau (CFPB), and the Office of the Comptroller of the Currency (OCC) fined the bank $185 million, alleging that more than 2 million bank accounts and credit cards were opened or applied for without customers' knowledge or permission between May 2011 and July 2015. In response, Wells Fargo fired 5,300 employees and, in an official statement, expressed their regret over the actions those employees had taken in regards to their customers. Wells Fargo also announced that it would be ending its controversial employee sales goals program. Wells Fargo’s employees sales goals program was an incentive-driven compensation program where employees earned financial awards based on the number of financial products they could sell, all under the pressure of satisfying exorbitant sales goals set by the upper management at Wells Fargo.…show more content…
The CFPB said the bank imposed the goals on its staff because it "sought to distinguish itself in the marketplace as a leader in 'cross-selling' banking products and services to its existing
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