Inside Wells Fargo’s ruthless sales machine
An internal report details the toxic culture at the bank that underpinned widespread forgeries and other dodgy practices
New York — Among its regional bank-wide sales campaigns, Wells Fargo’s Jump into January programme was notorious for the effect it had on staff. Initially designed to motivate branch employees to exceed sales goals, the pressure to beat higher daily sales targets instead encouraged them to forge customer signatures, hold off on opening accounts signed for in December and target friends and family to make up the numbers. The campaign was highlighted in an internal Wells Fargo report released on Monday that blamed the bank’s sales culture and the management of its retail division for years of sales practice abuses. The campaign "became a breeding ground for bad behaviour that helped cement the sales culture’s negative characteristics", witnesses told the report’s authors. "The January campaign also resulted in increased employee turnover and, in some areas, no paid-time-off or training during the month." To meet their targets, bankers were encouraged to make lists of friends and famil...
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