Trying to meet unrealistic sales goals, Wells employees even created phony email addresses to sign customers up for online banking services. “(Wells’ management) created pressure on employees to sell unwanted or unneeded products to customers and, in some cases, to open unauthorized accounts,” the board said in its report. In its report, the board found that Stumpf was also unwilling to change Wells’ business model when problems arose. Under Stumpf, Wells operated in a decentralized fashion, with executives of each of the businesses running their divisions almost like separate companies. Wells has changed its sales practices and called tens of millions of customers to check on whether they truly opened the accounts in question.

Source: The Guardian April 10, 2017 16:07 UTC