22 September 2016 – Wells Fargo, one of America’s largest bank sacked 5300 employees since 2011 for “unethical sales practices”. 1.5 million bank accounts were opened by employees and issued 565,000 credit cards, which were not authorized by customers.

Why did the employees do this in the first place?

Employees were forcibly assigned to cross sell a target of 8 accounts for each customer and were squeezed so hard to meet sales targets and earn incentives. As at end of 2015, Wells Fargo has 265,000 employees in US and there is no Union which leads to no check and balance.

Most of the victims are Tellers, Customer Service Representatives, loan processing staff and some Managers and Regional Managers who were forced to cross sell aggressively unwarranted products. Precisely, the intention was not to serve the customers better but, unjust enrichment.

“If you could sell, you had a job”, said an employee who worked at Wells Fargo in several different jobs until he quit in 2014 as he was frustrated with sales pressure and unethical practices. Managers were so desperate that they suggested that employees hunt for sales at bus stops and retirement homes.

On 20 Sept 2016, Wells Fargo’s longtime CEO admitted full responsibility for all unethical sales practices and the Bank conceded to pay US$ 185 million fine to regulators and refund US$ 5million fees wrongly charged to customers. The Bank revealed that they have now eliminated the targets for sales.

Are you being squeezed by your superiors to the breaking point that would eventually force you too to cheat the customers to achieve impossible sales targets?