The Wells Fargo Scandal - A Simple Overview

[@stevesid4403]

14 year scandal? More like 25+ year scandal. I worked for them in the early 90s and this attitude of "sell it to them even if they don't know they're buying it" existed then.

[@kdhskdh2348]

contact Company Man, he said he wanted to interview employees

[@halvey8518]

Steve Sid That’s insane. I can’t imagine working for a company so crooked.

[@kennethphillipsii]

California right? I worked for wells and travelled all over the nation and feel confident that it was California’s regional management that created this scandal; for example in Los Angeles the pressure of sales was ungodly but travel to Minneapolis and the sales culture could care less. In my opinion it wasn’t the company’s culture as a whole because most positions and more specifically the ones that held the sales goals were listed as sales position and people were hired as such. It was certain territory’s that were managed by some of the most cutthroat people in the world that pushed sales for services and products not needed for the demographic doing the most damage and I know for a fact these types have been fired. There is one thing I’d like to clarify in the video they say “8 is great” and refers to 8 products which sounds like a lot but many things qualified for example a joint checking and savings would count as 2, a debit card for each signer would be another 2, online banking for both 2, and if they get direct deposit another 2, so ultimately if an employee opened a new account for a husband and wife they could achieve “sales”. Of course warren saying no one needs 8 checking accounts is accurate but if a person did that if would count as 16+ depending on what other “products” there were.

[@nohopeequalsnofear3242]

Agreed. I got a credit card card from them in 1999. I never signed up for it. I had to hand it back to them at the bank and ask them what this was about! They are crooks!

[@xxzxzxzxx6974]

That's any company that sells a credit card if you don't believe that you're not living in reality

[@aaronschannel373]

He “agreed” to a lifelong ban from the baking industry? He’s a thief that should rot in prison. If people who rob banks go to prison, banks who rob the people should face similar consequences.

[@jamesdixon6332]

Were they making donuts and pastries as well?

[@Lexibeez8907]

James Dixon 😂

[@bokhans]

aarons channel in USA 😂 bankers going to jail, like Trump goding to jail. USA = 1% rules and piss on the rest and the funny thing is people love it and don’t want change. Trump = Biden, same 💩

[@tomhill3248]

WORSE consequences! Like a bullet! Grave crimes deserve, grave punishments!

[@tomhill3248]

@@bokhans What are you talking about? we hate it! It's just that most of these pathetic cowards have forgotten what capitalism is supposed to be about.

[@sk1ppman]

I'm not sure how this doesn't constitute Identity Theft. They used someone's identity, without their consent, to open accounts in their name.

[@seymour2113]

Because executives didn't technically task them with doing that. They just encouraged it.

[@seymour2113]

@Political Theater fortunately you are wrong.

[@tanner5718]

@Political Theater why are they “immune from prosecution” i’m genuinely asking because i don’t understand how that could be possible. if it is the legal system is even more fucked than i thought.

[@tanner5718]

@Political Theater it shouldn’t even be possible to buy immunity to the law that’s fucking bullshit man

[@freddytang2128]

@Political Theater because its hard to prove criminal intent when bankers make mistakes or take too much risk. its not the same as committing murder. if any banker or CEO murdered someone, you bet they will be in jail

[@DahvPlays]

As somebody who worked at a Wells Fargo call center while this was going on, here's what I can say. WF tried very hard to create a competitive sales environment, as a customer service rep I was required and incentivized to upsell every single customer, whether they needed products/services or not. Managers also had performance bonuses, so they had an interest in looking the other way when employees did illegal things to prop up their numbers. Some managers even encouraged it. Our internal systems would generate suggested products for a given customer, and your performance would be docked if you didn't read them. I had co-workers who were fired for not getting enough upsells. All of this led to my own severe depression and I left the company in 2016. What a disaster

[@jedipoodoo]

I can affirm this as fact. Worked at one myself for about all of 2013, and this was the environment there as well. Ultimately why I quit, I totally felt like I was being dishonest with every customer I talked to back then, it was sickening.

[@Bitbatgaming]

I hope you are better now

[@fuckinghelenlikewhatthehel2629]

Geez man, hope things are better for you now.

[@jl86_]

Haven't even started the video and I can already see how disastrous it is. Well, it's a good thing you left it for the sake of your health

[@UmmYeahOk]

I hate how companies do this/get away with it. Whether through legal means or not. They stress out their workers, which sadly upsets the customers, so now they get heat from both sides. They risk being fired, but the ultimate goal is to stress out the employees enough that they quit before they can be fired. Any why? Because there are plenty of people, many times already trained by the company, to fill your spot.

[@02337755]

Former Wells Fargo Employee here: All this is totally true. We were officially trained to be responsible and listen to the customer. But at the Manager/District Manager levels, they just want the numbers. It's like a sleazy used car lot. If you're not into selling people things they don't need/don't want, you aint gonna last. They constantly threaten you with getting fired.

[@franklingonzalez1003]

The silver lining is that you didn't have to face the customers after the shit storm that followed. I can only imagine how many tellers or customer service reps had customers yelling at them for all the fake accounts created.

[@GoldPeakLLC]

02337755 where did you move to? Curious how the internals are at other banks.

[@Xinthose]

Like Planned Parenthood constantly pushing for abortions. Got to get those numbers!

[@joshfry575]

I worked there for 11 months. Started as a teller, was really good at selling and getting “solutions” over to bankers, so they promoted me to banker within 4 months. It was all about shady sales, and regrettably you had to sell if you wanted to work there. I saw plenty bankers get “demoted” or leave, the turnover was crazy. I will never bank with them again, nor would I ever recommend working there.

[@02337755]

@@joshfry575 Lol I totally forgot about "solutions". What a joke.

[@scott2228]

Been in banking for over 15 years. I’m a former and current WF employee. Well done on this video. I initially left the company in 2005 bc the sales goals were so high I constantly felt like I was a “poor performing employee.” Now, 15 years later, I’m in a non-sales role and love it.

[@TheCheech0203]

I agree the company culture is honestly really good now

[@asdf3568]

What was the point of setting up all these accounts when they would have zero money in them? Wouldn't that just cost the company a lot of money? If it went on for that long. How come they didn't notice all those accounts with a balance of zero in them?

[@scott2228]

@@asdf3568 great question. The fraud was from the employees. Not the company. The goal wasn’t to make $. (IMO) it was to make the employees look like they were hitting their sales goals to keep their jobs. The company was to blame bc they fostered An environment that created this culture and didn’t have steps in place to catch or prevent it. Employees felt compelled out of fear of loosing their jobs. And of course there were some bad apples too exploiting it for $$ gain as well. Bonuses and promotions.

[@asdf3568]

@@scott2228 Yeah but surely the management noticed all those empty accounts? Or did it go all way up to the top?

[@scott2228]

@@asdf3568 I can only imagine the # of blind eyes that were turned. Unsure how prevalent the issue was. Don’t think it “went to the top.” But CEO was still dragged in front of congress and then resigned.

[@kylekeplin4078]

I worked for Wells Fargo in 2009. The pressure to make “sales” is 100% true. It was what made me leave that job. I quit after I told my wife that “the things Wells Fargo wants me to do seem illegal”, turns out I was right.

[@07wrxtr1]

Yup. The people that stayed and chose to cheat got fired if they were not on the good side of management. Those that went to HR to complain were rewarded with unending scrutiny. They put employees in a complete no win situation. The corruption is so deep yet they will NEVER change because too big to fail. It'll just be the same dog n pony show from Gov't that pretends to care when really they're in on it too.

[@SoloFan87]

Yup I remembered all that B.S. sales pressuring from Wells

[@joeysn7hvn]

..."Track record and many issues ,wow..Wasn't there some issue before 2009 ? Anyhoo, I had a regular john job back in 2010 or so , some of us went to the local branch of W.F. at noon or so on Fridays to cash the paltry check. First as unemployment started skyrocketing after the Bernie Madoff affair , lots of guys and gals hanging around the bank vicinity, a little scary..Second the office staff outfit was a problem, very busy with foreclosure issues , Trying to find people in foreclosure jobs , But not until after their boyfriend or stripper found one..City Municipality had their account there , W.F. wanted to keep the city contract , and bent over backwards for that also.. What 1st got my goad was the main office Lady who was doing all of this "HELP" , ran to my teller when i was being taken care of, watched my whole transaction , whispering , My co-worker had a real big mouth and thought he was a ladies man and would tell and blab everything...Followed the money trail.. Two weeks later my boss said he has direct deposit ! oh thank god , but the damage was done. Full inquiry as to what our business did , and with who, Called our Company and sent people over to our company for jobs ( step one for the city) Add that to regular nabe folks who could not find work , Had to lock the front door and put a sign up -Not Hiring. FUNNY thing was , how i watched ,lets say Thermo Fisher Scientific at the stock ticker ,, 0.5 % , up .0002 % ...Boss mentioned a big Wal Mart esque outfit is a prob....Wells Fargo is then seen buying millions of stock in Thermo and Nalge or Falcon etc...Stock of Wells is now or was in the Hundreds , Nice tip - Our Company closed 1 year after said profiteering.. Cancel contracts, Buy stock in new and university approved one, Steer contract = Lotto win for

[@y.r.9401]

My friend quit b/c they started pressuring her to sell their products as a teller. She didn't like that.

[@kkhang8617]

Bank does not have any responsibility if employees are caught although they forced employees to do it.

[@essentialjordan23]

I worked at Wells Fargo in 2012-2013, and there was definitely a major emphasis on new accounts. The quotas were absolutely unrealistic, to the point where people would keep blank account forms with them and try to get new accounts when they were not even at work. We didn't go as far as fraud, but let's say someone came in to open an account with a banker, the bankers would put it in as if the teller spoke with the customer to help the tellers out. I left primarily because of the absurd sales goals, not to mention the pay wasn't great. Love your channel, keep up the great work!

[@RobotacularRoBob]

"8 is great" and "Let's go again for 10" coming from the top of the food chain demonstrates just how greedy these yuppie fat cats are. The hardest work they ever do is thinking of shitty rhymes designed to boost employee motivation while simultaneously ruining their customers lives.

[@toratoragaming]

Me: quietly and quickly changing to another bank

[@callmeaprilroseorisha404]

Good thing my dad doesn’t use Wells Fargo.

[@oly4490]

Good move, I know a couple that had a home loan from them, They Inspected the home a couple years after they took the loan and said they need a new roof. I inspected the roof and found minor defects that wouldn't warrant concern for an 18-year-old roof. Wells Fargo told them if they didn't get a new roof, They would raise their home Insurance monthly premium to $740. Another more recent occurrence, A friend who had a car loan for a couple years and never missed any high Intrest payments. When they sent the payment "Paid in Full" they took 5 weeks to process after they received the full payment and still wanted to charge for 4 weeks of interest. Looks shady to me...

[@Tennmdunn]

Me telling wells fargo over the phone im going to chime😂 fuck it ill give my money to someone else

[@xanderunderwoods3363]

Same

[@liamwatson5125]

Everyone who is a victim should escape Hells Fraudgo

[@NinaRossBusiness]

*My girlfriend worked there for less than a year. She was told "unofficially" to figure out a way to get more sales. She quit due to the pressure put on her by Management.*

[@qw000pz]

*THAT SUCKS. I'M GLAD FOR ANYONE WHO GOT OUT OF THERE.*

[@xxlxllaxtionllxlxx9072]

*bold*

[@lakersfansince1991]

I don't see why everyone wouldn't quit if they really found the behavior immoral.

[@CraftDPham]

lakersfansince1991 bills, i worked a job that preferred sells over customer service for a year because i had bills to pay. was never happier to leave a job.

[@lakersfansince1991]

Craft D. Pham if you work at a Wells Fargo there's plenty of other jobs around, it's not hard.

[@xfyre007]

Wells Fargo was putting GameStop like pressure on their employees.

[@HIDDENWORLDS00]

Lol just was typing this

[@RukaIXR]

Yup, first thing I thought of

[@HIDDENWORLDS00]

@@RukaIXR same here lol

[@jedipoodoo]

That's exactly right.

[@AidenWolf97]

@North American KZbinr it did? Pursposfully charging people for their rewards program doesnt sound ethical bro

[@bobhope4288]

This scandal hasn't changed my opinion of wells fargo at all. You can't get lower than rock bottom. If I had a full bladder and wells fargo was on fire, I'd hold it.

[@jrussellcase]

😂😂😂😂😂

[@irankin3107]

Lol 🔥🔥🔥

[@BIGJBIGEBIGC]

You’ll need a new one when you realize WF was the only one to get caught but there are a few competitors that are doing worse

[@cheezysheen2984]

Are you going to talk about how apple was caught slowing down their older phones to make people buy new ones

[@lotusplague]

CheezySheen can I upvote this twice plz

[@eyeheartsushi2212]

CheezySheen Too new. Give it time so more stuff comes out about it.

[@companyman114]

I hadn't thought about that actually. May be a little different for this channel but I'd have to figure out more about it.

[@paula92111]

Your username and photo🤣🤣 I had a crush on him as a kid

[@TahtahmesDiary]

@@companyman114 You will be making a video called "The Decline of Apple" soon enough, just be patient 😂

[@lowerclassbrats77]

I worked at Bank of America and Wells Fargo In the Early 2000's. I can confirm these corporate practices were commonplace and nearly identical. At Bank of America I worked my way up to the fraud and disputes queue 😄. The absurd sales goals were in place even in this department. It felt terrible saying "sorry we lost your 10k deposit, wanna open a money market account or a credit card?"

[@JamminJim19]

I worked in bank of americas check fraud department. It sucked telling people they owe the bank 5K for cashing a fraudulent check lol

[@UBvtuber]

"Annnnnnnnnnnd it's gone....it's all gone"

[@DeadGuyPlays]

Thank you! I worked at BofA and it was the same thing. Same at Washington Mutual. It's like all the CEOs get together and plan this ahead to fuck all their customers.

[@frankdenardo8684]

@@JamminJim19 did they hire retired United States Secret Service agents for that department?

[@aschmum]

Omg this reminds of when I worked at Frontier selling internet. Even in the retention department there were absurd sales goals. “I’m sorry your service hasn’t worked in months and you want to cancel, but would you like to buy TV?” I hate sales. If the product is good and the demand is there, it should sell itself.

[@ShowtimeDr]

I worked at Wells from 2011 to 2016. It was a horrible environment. Our supervisor started hiring people that were either related or friends of two of the supervisors in another department. It was maddening because they would spend like 2 months meeting with each candidate for the job. An hour per person. Three different cuts. Yet the whole time they knew who they were going to pick. Just slacking off playing interview. This happened like 7 or 8 times. This created two groups on our team that could get along well enough, but there would be tension there as one group got treated better by the boss while the others did not. Then you have to sit through all the jerk off corporate culture "We're so great! Look at this normal thing we did!" "Keep clapping seals! We hit our goal! You get a plaque. We the middle managers get jerk off bonuses! You did all the work! You get nothing! Clap harder seals!" Meanwhile our yelp reviews are averaging 1's no matter what we did as employees. The system was just so horrible, requiring customers to send in PAPER CHECKS BY MAIL in 2016 for payments on their accounts. Finally we lost our last good manager as he got a promotion. They replaced him with a me too manager. I saw the writing on the wall and bailed out. Less than a year later that location was shut down. Good riddance.

[@b1ismissingjr]

As someone that works for Wells Fargo (and specifically started working there immediately after the scandal due to the removal of sales as a job requirement) I really enjoyed this overview and I think it's covered thoroughly and fairly. Good job CM! To answer your question in the video: I joined just after the scandal because the job I was applying for would be exceptionally easy without the demand for sales goals. All these years later, it worked out perfectly. Easy job that pays decently.

[@companyman114]

Happy to hear everything's working out Lesharkie.

[@UBvtuber]

Hopefully they are telling the truth about that.

[@dannydaw59]

How did the WF employees get the Social Security #'s? Do bank employees in general have access to customer SS #s?

[@roxcyn]

@@dannydaw59 - copy and paste the info from their account, I'd imagine.

[@Demsky83]

@@dannydaw59 yes

[@diptonag5295]

I want to know more about the American Express history

[@vincentphillips4946]

same

[@admiralsuperior3]

Me too

[@d0su]

Until Company Man makes one, Credit Shifu has made one

[@jamescook2412]

American "Stressed"

[@jedwardoo]

Dipto Nag same

[@TonyGeoWilson]

I’ve been a Wells Fargo customer for several years at least 15. When this scandal happened, and all the fallout occurred I was asked if I was going to close my account. I immediately said “no“. I knew that they had been caught, so they will follow the law going forward, pretty aggressively. And with the restrictions on growth by the government, I have no doubt that I can trust them. And they’ve been awesome. By the way, recently discovered your channel. I’m a big undercover boss and American greed Pham so I love your videos, and how well you explain things. Thank you for your content. 😊

[@caterinesimon4538]

👍

[@METALMAN4Wii]

Remember a company can do whatever it wants destroy the economy and ruin million of lives but if someone doesn't pay their Taxes to the IRS they lose everything they own or go to jail.

[@michaelmorris4515]

Justice is the exclusive property of the rich, sad to say.

[@METALMAN4Wii]

@@michaelmorris4515 Bane was right.

[@baronvonlimbourgh1716]

What are you gonna do? Corperations are just a stack of papers. Put the papers in jail? Set up a corperation and let it do the dirty work for you. You get all the profits and if something happens it takes the dive for you. Rinse and repeat, that is how you become a millionaire. Hard work is for suckers and the poor.

[@METALMAN4Wii]

@@baronvonlimbourgh1716 We need to take back control of our country.

[@michaelmorris4515]

@cpk1994 So you're telling me my own eyes are lying to me then. The son of a bitch running Wells Fargo financially ruined thousands of people, if not millions, with this fraud. If there was justice his head would come free from his shoulders, but since the rich write the laws and own the government he won't spend a day in jail despite doing far more harm to society than a common thief serving five years for holding up a 7-11.

[@tiki2976]

I wrote a research paper on this scandal for my Business Ethics class last year. They basically got a slap on the wrist with those monetary fines 🤦🏾‍♀️

[@Kylora2112]

"So you made $20B in what is, in essence, securities fraud? Here's a $4B fine; that's 20% of the profit you made, serves you right!" Wells Fargo should exist only as a memory. The entire company should have been nukes from orbit and all of their assets should have been seized and given to the people they screwed over 10-fold.

[@DeadGuyPlays]

I feel like these fines are just for show. these fines are drops in the buckets for them compared to what they make off their customers. And we already knew ain't no CEO going to jail 🤣 they walk free no matter how much money they take or lives they destroy. 'Merica!!

[@alexh4449]

@@Kylora2112 If you were making enough money to pay out $4B fines, you wouldnt expect to go to jail either. Unfortunately, these greedy ambitious twats are whats making the world go round.

[@mscisland]

And to think I was thinking about opening up an account with these criminals. Thank God I stumbled upon your video. Thanks.

[@aakasht4862]

I remember going to Wells Fargo in New Jersey when I was 17 with a friend of mine. One of the employees there overheard me not having an account and began badgering me to sign up with them. It got to the point of me having to scream I do not want one. I hated it so much. He would leave us then come back 2 minutes later to try again. It makes so much sense now. Wells Fargo was pulling a GameStop

[@HaydenX]

Gamestop: Do you want $5 scratch insurance on this game you just bought? Me: No...I paid $15 dollars for it, and even if it were $500 that'd be ridiculous. Gamestop: OK. Do you want to sign up for our Power Up Player's Rewards program? Me: No...I only bought the game here because it was the same price as online, but I get it now if I buy it here...I only come here like once ever 2 years. Gamestop: OK. Do you want an annual subscription to Game Informer magazine? Me: NO! I haven't had a magazine subscription of any kind since 2005...You are aware that magazines have been outdated for well over a decade right? Gamestop: OK, no magazine. Do you want to preorder... Me: No...I don't want anything else...absolutely nothing else...that will be all.

[@bh7969]

HaydenX they have to say that to you, blame corporate not the people stuck fufilling their orders

[@DigitalApex]

@@bh7969 Same. I used to work retail and sometimes the managers would linger around the registers to make sure we were pushing rewards cards, credit cards, furniture insurance, all of it. Some customers even getting visibly upset at me for even asking, when it's pretty much ask and have the customer get irritated, or don't ask and get bitched out by managers for not pitching sales. It's a lose-lose. Never again.

[@joshuajoe1419]

HaydenX no matter how annoyed I get, I still politely say no. It’s usually not the employees fault. Don’t be so harsh on them. They don’t want to ask you just like you don’t want to hear it.

[@mitpoker7319]

@@HaydenX Everytime your Gamestop magazine showed to your mailbox: nudie magazine day! Nudie magazine day! (Opens mailbox)

[@PepperTreeVilla]

Mike, I had to practically scream at the rep at my local branch to get them to close the checking account I had not authorized when my house was refinanced. What really irked me was when they tried charging me the monthly service fee for the account I didn’t authorize. They told me at that time they would waive the charge this one time. I told them they would not just waive the fee, they will close the unauthorized account.

[@jennteal5265]

I swear Wells Fargo is a HUGE driver behind people moving to credit unions - it's certainly why my entire extended family and I have switched to credit unions. I only use a bank for my savings and it is a small local bank.

[@companyman114]

So sorry to hear that. I'm picturing a pretty heated conversation taking place.

[@emsavings]

I previously had a terrible experience with WF and years later they bought our mortgage. I detest giving them money, and don't trust them not to violate us at all.

[@machintelligence]

@@jennteal5265 I guess I lucked out when I bailed from WF in 2005. My elderly mother discovered that her savings account was being dinged a $ 20 "inactive account" fee every month. That was the final straw for me so we closed her account and I moved my money to a credit union. I had been with WF (and their predecessor banks) for 35 years at that time!

[@geneadaway2671]

They told me they couldn't close my checking account because I may have outstanding checks that haven't cleared yet. I came back a month later with my box of checks and statement. Apparently, they thought I needed to start paying 12.00 a month for my free checking account.

[@god5535]

I lost over 1200 from Wells Fargo unauthorized account and received a paltry check of 200. These guys are doing highway robbery in broad daylight.

[@maganaco.7994]

I had a checking account with wells fargo back in 2010-2013. I had no issues until I was pre approved for a credit card. Every week when I would go deposit my check the teller would inform me to speak to a manager because my account was outdated. If I refused I could not use my account, the manager would then"update" my account and would tell me that I qualified for a credit card which I would always decline. It happened 10 more times in 4 different branches with the same result. Frustrated, I walked into the same bank that updated my account 6 times and told the teller to close my account. To my surprise, they left a penny and kept my account open. The branch then refused to let me withdraw the penny to prevent me from closing it. After arguing with the manager for 20 minutes he told me to go back to the teller to pull out the penny. I went to chase after and that was the end of it never going back again.

[@jc-2134]

@Crude 3 how does that affect my savings?

[@barvdw]

Bank of America, Chase and other major banks are all crooked. Even some medium banks are pretty shady. Not saying Wells Fargo isn't a horrible company, but going to Chase is basically changing apples for apples. And both are pretty rotten.

[@thecashman1020]

Wow

[@famicomnintendo]

They took you for a ride, hence the logo

[@piratepop7115]

Sheldon Cooper seems fair helps save money

[@soffpulp]

Hearing the term “cross-selling” still gives me anxiety 😩 our sales numbers were definitely their only concern, back then. I knew I was done when a manager suggested I offer pet insurance, even if they didn’t have a pet 😂

[@ThePulse10]

😄😄😄😄 Say What? Pet insurance? I had no clue banks offered that.

[@soffpulp]

ThePulse10 lmaooo yes! It’s been years ago, but I had started with them when they were Wachovia and was with them during their transition into Wells... so, I can’t remember if Wachovia offered the pet insurance or Wells did but, they definitely pushed us at one point t to offer it 🐶🐱🐰🐹

[@ThePulse10]

@@soffpulp Understood. I've heard of scandalous banking practices, but to stoop so low as offering pet insurance is beyond ridiculous. I'll just stick with my Credit Union.

[@janjISMYname]

And sign them up without permission. Lol

[@soffpulp]

Jan J yesssssss 😭 SCANDALOUS!

[@Ghidorah00]

I worked for Wells from 2011 to 2016. In one of the worst markets affected by the scandal. I know all the names of all the middle level managers who were fired, and the ones who weren’t but should have been. It’s a time of my life I think of as “the cauldron”. It was the most stressful work environment I think I will experience. Parts of me are thankful for it, because it made me resilient and I had a few opportunities to speak up. I am also no longer naive to how greed and corruption can destroy good people. I often daydream about writing a script for a television series based on my experiences. I can’t tell if it would be a disturbing human drama or a corporate comedy in the same vein as the office. Hopefully I never have to experience anything like it again. This summary, like all the summaries I have seen, hardly scrapes the surface of the extent of madness I witnessed.

[@toddmeldrum9693]

Check out my comments about Wells Fargo Bank. Nice job LC802

[@meh_lady]

Wells Fargo screwed us over to the point that it took us 6 years to recover. It was horrible.

[@slickcrag]

you did really get screwed by them. you didn't know you even had another credit?...the employees cracked under pressure but they didn't send you the new card info just used your name. they probably sent the mail to an abandoned building or something.

[@meh_lady]

@@slickcrag It was with a mortgage, not this specific situation. I just get really salty when I hear the name Wells Fargo.

[@UBvtuber]

@@meh_lady Did they sign you up for a mortgage without your knowledge or was it just a really bad mortgage plan?

[@meh_lady]

Ugly Bastard It was a refi that they approached us with. They “lost our paperwork” NINE TIMES and wouldn’t take payments during the process. I saved back our payments each month in case they would try to slam us for the manufactured arrears. They then sued us because we were “behind on payments.” I had thankfully documented the whole mess including my fax reports of when I sent in the paperwork. The agent I was working with quit working there and they kept telling me she was the only person I could contact regarding the issue. I called them relentlessly for months. One day I called and got a cheerful, “Your home was foreclosed on yesterday.” We built that house and we damn near lost our minds. Got our state AG involved, got a lawyer, and after a long fight we couldn’t take it mentally anymore. We were on our last day of moving when WF called and said they agreed they made mistakes and wanted to reinstate our original mortgage given that we pay arrears and their $29k attorney fees. Our house was 99% empty, had signed papers and used what we saved up for payments as a down payment on another house. There’s so much more but too much to put here, which may leave a lot of questions. We switched to class action due to lawyer costs and that’s still in limbo and probably will be for years. We had spotless credit until this fiasco and I was able to fight it off our credit. I worked on all this for two years like it was my job and for my sanity had to just let it go. In a way it was a blessing because both our daughter and I launched great careers thanks to moving to a new city and got our son into a fantastic school district. The unwanted reboot wound up putting us in a great situation at the right time. My husband thought he was going to have to get me committed over it! Sorry for the novel and missing pieces.

[@animehawaiiTECH]

Aural Beets Glad it worked out, I hope it pays out in the end. Bless you and your family.

[@adam3839]

Closed my accounts with them after 26 years. Moved to a Credit Union. Credit Unions will take care of you in ways trillion dollar banks never will.

[@jessicabranda4321]

I earn 5k just now

[@jessicabranda4321]

Hit him up on IG

[@jessicabranda4321]

Ultimate_hackk01

[@tongobong1]

OMG just not the Credit Union. They have far worse skeletons in the closet than Wells Fargo just wait and you will see someday.

[@pennyforyourthots]

Credit unions, like workers unions, have the primary obligation to their members first, and profit second. This is unlike banks, who will fuck you over for a quick buck. You get the same protections, and the same services, without any of the bullshit.

[@robincoulter5551]

This is helpful because I'm being affected with my monthly mortgage. Never heard of this in Arkansas but everything has been suffocating.

[@FerretPirate]

That always bothered me: "I take responsibility." In what way, exactly, have you taken responsibility?

[@eyeheartsushi2212]

FerretPirate “I take responsibility for making sure my golden parachute is operational.”

[@scotts.2624]

They should have been tied to a pole and bullwhipped.

[@FerretPirate]

​@@scotts.2624 Actually, I disagree. Allowing them to keep the profits means that any other punishment is just for show. Of course, I suppose that you could whip them AFTER that...

[@Andres-sr7uv]

Scott S. D

[@RockyC89]

I remember sitting in my car every morning dreading walking in to work (WF). The sales pressure managers asserted truly was toxic, the day I quit I felt such a relief. I ended up at two other banks before I got out the industry all together, all retail banks are the same, the others just weren’t as aggressive as Wells was.

[@maryg1666]

RockoC yes lol

[@tongobong1]

Financial industry is toxic. The only way to survive it is to take it easy. Who cares about what managers think about you. You are there just to get a nice pay check without losing your nerves and be always ready to take a nice long vacations when they are going to fire you. Usually they will not fire you because so many left the company because they couldn't take it anymore so you might stay for a very long time earning nice salary and get some nice promotions over the years and you get all this because you didn't overwork and you didn't lose your nerves. You just say to your crazy boss that you gave your 110% on the task and you failed or you need more time. Never work hard just give your 50% so that nobody can say that you did nothing and you will survive and even thrive in this toxic environment.

[@RockyC89]

@@tongobong1 absolutely, unfortunately I didn’t understand this concept at 19 lol.

[@Jessesgirl2013]

My husband worked there at age 19 too. It was awful. He dreaded getting chewed out by management for not making his quotas, but hated pressuring customers. Like most people he hadn’t realized before that “teller” was really a sales position. He left after less than a year, briefly moving to another (better) bank before getting out all together.

[@isaacsalazar14]

As someone who was in banking I agree

[@trevoraugustino6636]

Screw Wells Fargo. I was in the process of buying another house; multiple accounts showed up on my credit report from Wells Fargo . I have received over $5k in compensation. I received a check recently for $380 . I’ll take it ; and I will continually to take them. Wells Fargo affected my credit, and I lost out on my dream home 😡

[@Alverant]

It's easy to say you're taking "full responsibility" when you don't have to worry about going to jail. Unless he paid all those fines himself, I don't believe he took any responsibility.

[@afpwebworks]

How can you be so callous and uncaring? That poor man probably had to sell one of his yachts and maybe a Maserati or a Mercedes. And if you look carefully you can see he stopped with the fake tanning as well. Poor man!

[@Noseihtam266]

Every time I hear about this Wells Fargo scandal, I'm still surprised that people have accounts there

[@BewareTheLilyOfTheValley]

Seriously, right?

[@nicolenbraiden]

Ugh I know. I have an account with them. 🤷🤦

[@Noseihtam266]

@@nicolenbraiden is there any specific reason that you haven't changed to another bank? I'm curious

[@franklingonzalez1003]

@@nicolenbraiden Get out! Get out while you still can!

[@nicolenbraiden]

@@Noseihtam266 honestly I haven't had any issues with them thus far. 🤞 I opened my account a month before all this recent shit.

[@tomjstone]

My wife and I are in the process of closing our Wells Fargo account and moving to a small credit union in our town. The credit union charges very few fees. Wells Fargo charged us ridiculous, unnecessary fees just to have an account. We’re happy to make the move.

[@PrydeWater901]

Remember that money laundering scandal that involved HSBC? I’d love to see that covered in a Company Man vid.

[@yavivesiqueiros3182]

I'm from Mexico and in 2012 they faced great (and deserved) backlash here

[@yavivesiqueiros3182]

@@TheFoulMouthNews that's horrible! My country keeps bleeding because of this murderous druglords and they didn't give a damm. Just google "Culiacan" and "hijo del chapo" together to see what we endure because of them. And institutions dare to support this... I guess it's easier when you don't have to hear the gunshots and run for your life.

[@smx23]

Dr. I. B. Safe Have you seen the Netflix documentary on it? It’s in a series called “Dirty Money.”

[@PrydeWater901]

The Ambassador it’s going on the list. Thanx!

[@Nicholas-f5]

CBC has a great show on this

[@enxgmatxcofficial]

Showed your channel to my Economics teacher and he's gonna use your videos from now on!

[@hayzmation5354]

Niceeee, way to make economics more interesting lol

[@companyman114]

Hey, that's fantastic!

[@alshaw6476]

Great for the report on Wells Fargo most customers probably don't know all the details that was tall appreciate the comment I've been a Wells Fargo customer since 1987

[@internaloptometrist2702]

I worked for WF at the customer service call center a while back. You had to refer 6 people per hour to their sales team to open new Accts or credit cards. They had software that monitored how many customers you transferred to the sales dept every 15 mins and they would ding you for falling behind every 15 mins. I quit. Hated it. Never seen anything quite like that in banking.

[@siarnaqfrost4968]

Goodness they also do this with their offshore customer service! It's insane!

[@jaydekobbe6628]

They don’t do this anymore, but YES LETS CONTINUE TO ACT LIKE ITS STILL HAPPENING

[@BIGJBIGEBIGC]

They literally do this to bankers in walmart/targets

[@cornflakesandmilk8157]

People shocked that Banks commit awful things? Guess everyone forgot the 2008 financial crisis.

[@Izomak12]

And yet, the graph showed a huge spike in wells fargo assests around that time.

Or every 10 years or more. 2008 wasn't that big... but ofc people will forget easily...

[@sor3999]

2008 wasn't some ordinary recession. Idiot.

[@hammer-r]

Yea that almost took down our entire economy and did bankrupt other countries who bought our BS triple A bonds. For those who might have forgotten, go look up the DOW and the other markets and check out their lows. That will remind those who think it was no big deal.

[@TitanSubZero15]

I'm gonna sound old but many people who are now in college probably don't remember the financial crisis of 2008.

[@SellOrFail]

I was an employee at Wells Fargo during that time and what youre saying is absolutely true...I was a top seller as well...I didn't do any of that fraud but we didn't ask for permission...we told people we were gonna do it and they really didn't have a choice...I left when I heard a lawsuit was coming

[@mfchimichanga]

Company Man: *uploads new video* Companies: " oh he bout to do it to em."

[@michaelrichardson3834]

What type of language are you speaking. I've seen this sh@t and I suppose it is what young kids talk like nowadays or something. Sounds forking r3tarded.

[@kingjamoose]

@@michaelrichardson3834 what's it like to be a virgin?

[@benchattin]

@@michaelrichardson3834 You have an anime profile pic and talk like a bOomer.

[@michaelrichardson3834]

@@benchattin I'm not really acting like a boomer, but more like a grammar n@si. I just don't see why any reasonable person talks like this as its reddit tier humor and it is reference to a supposedly 'cool' low IQ demographic.

[@brandonrebidue7421]

michael richardson what’s it like to be a double Virgin

[@SilasGTBronte]

As a former Wells Fargo employee (2007-2008 and 2010-2012), here are my experiences: Wells Fargo kept telling employees that cross-selling was for the benefit of customers and always touting how ethical it was to only sell what would benefit the customer. On reality, all that managers and district managers cared about their numbers. Every year the sales goals would increase and that was never enough for them. The daily morning huddles, conference calls, and constant e-mails turned every branch into a boiler room. Hence I would refer Wells Fargo as "Hells Fargo." People would often cheat not necessarily to get the incentive payout, but rather to keep their jobs because the sales goals were often very unrealistic in already saturated markets. I would often hear my colleagues lie to customers to open additional accounts so that they would get the sale. Managers didn't care how people got sales as long as they got their precious numbers and make them look good to their superiors. Being a personal banker used to be a respectable position at Wells Fargo, but as time went by Wells Fargo let go of long-time and ethical bankers and recruited much-less experienced salespeople so often that it would become a revolving door with new bankers every few months. Wells Fargo with its sales quotas became more like the Wal-Mart of banking. Don't even get me started on their infamous "Jump into January" sales campaing where branches were expected to open 20 new checking accounts a day! My colleagues would make up excuses to their customers to open new checking accounts such as one for paying bills only, another one for vacation, another for emergencies, or close and old one that was opened in another state and open a new one in the state they live in now so that it would have locam rules. It was rampant. Tellers would be forced to look through deposit slips from previous days and look for sales opportunities to give to the bankers. Bankers would also be made to call customers after closing time if we were behind our increasing sales goals. Those district managers were more like glorofied bullies who threw their employees under the bus if a customer complained about an unauthorized account. I knew that one day it was all going to come down for Wells Fargo and it happened. Now don't get me wrong. I think that cross-selling is a good profitable idea, but only if it rests in a solid foundation of ethics and quality sales. For Wells Fargo, it lacked both.

[@warrensybrandt3830]

Great history update ,thanks for turning the light on, many I should consider a bank move...

[@caterinesimon4538]

👍

[@Shadi2]

steal millions from middle class people: Hand slapped and have to give back some of your ill-gotten gains. steal millions from rich people: 150 years in jail (Madoff)

[@KennTollens]

Screw over the poor and get a pat on the back for doing great business.

[@Che-jn9oi]

THIS COMMENT NEEDS MORE ATTENTION

[@NZCrypT]

Can someone explain how people actually lose money from new accounts being created? Are they paying admin fees or something?

[@JoelCastro5206]

@@NZCrypT There are certain accounts that you must pay fees for to keep them open so yes, also there is obvious problems with a total stranger getting a credit card in your name, that's the massive problem Also investors in your company lose hundreds of thousands if not millions because banks use the money you deposit for other things thats why you get interest for banking with them, now those people who invested in you are losing all that money because your assets are non existent hope this helps bud, my mom was a former wells Fargo employ and it sucked for her doing this crap.

[@xxxdumbwordstupidnumberxxx4844]

@@Inquiring Look at the reply directly above yours; consumers will most likely end up paying some fees, and either won't notice it, or, as mentioned in the video, get them cancelled with the employees saying that it was a computer error. Also; no, workers didn't benefit, they were threatened with being fired if they didn't meet sales goals or not being able to go home on time. You could argue that they were promised incentives, but the threats were probably the most significant factor. Investors got a false picture of the company's success, which means that the company ended up being worth more than it actually was, and, once confidence in the brand shatters, the company is no longer worth as much, meaning that the investors were mislead, which could actually leave them bankrupt. "Everyone benefits" is a complete lie. Another also; looked at your channel, and the description makes you look like an edgy 14 year old. And the profile pic, and your reply, and your username, but mainly the description.

[@1121eazye]

Back in 2015 I worked in the credit card collections department and there definitely was a lot of pressure on us. They made us stay late, skip lunches, sometiems we weren't allowed to go to the bathroom because they would be monitoring our computers and if we were at our desks. No one was safe, we would meet with our supervisors weekly to go over our numbers and if we were underperforming we would get fired. Probably my worst job experience.

[@1121eazye]

@scottbaino most definitely! Thank you!

[@josezaragoza3188]

That is horrible

[@superbadsam23]

Truth be told: My ex wife was accountant for wells fargo in washington state...we got a divorce then 3 years later she got arrested for embezzlement related to multiple local busniess....she told me that wells fargo train thier employee all the ins and outs of being a financial criminal...

[@Jacob77-]

*Visincyberrs* on Instagram is the best amongst all hackers, his methods are like magic

[@redditor001]

That’s literally as adjacent as you can get to securities fraud. Quite possibly the closest a company has come from pulling an Enron.

[@mrpmj00]

irrelevant comparison.

[@fernarias]

They've already pulled an enron. You bank deposit with the 19 major banks is gone and has been lent out to who know what (same with other countries) which is why some are predicting a monetary collapse of multiple currencies.

[@mrpmj00]

@@fernarias Nonsense, each account is federally insured for $100k. Stop being paranoid.

[@fernarias]

@@mrpmj00 You're not paying attention. That's ok. The billionaires have been moving their money to other banks and currencies, mainly the swiss frank and swiss banks. Their accounts worth more than 100k won't be affected but then you have to ask, why are they moving their money out of dollars, euros, yens, etc.

[@ericcarabetta1161]

Those “fines” are a complete joke, as are all the other pathetic “fines” that have been imposed on the banking industry for destroying the US economy. They punished the people involved in the college admission scandal more harshly relative to the damage caused, it’s ridiculous.

[@notforgotten3685]

Those are some steep fines what you mean

[@notforgotten3685]

@Marlon Quintana-Nieto probs angry ol Bernie won't win the Democratic ticket to give him free stuff using other people's money.

[@baronvonlimbourgh1716]

Fines are just "business expenses". It is ok to break the law. As long as the fine is smaller then the profit stockprices go up.

[@ericcarabetta1161]

Yamato, I realize it sounds like a lot of money, but it’s not. They made $485,897,000,000 in revenue since 2015 and have only had to pay $2,000,000,000 to date in fines; that is only 0.4% of their revenue. It’s equivalent to someone making $50,000/yr paying a $40 parking ticket. Considering the amount of credit fraud they committed, that is absolutely nothing.

[@TheGunFreak94]

@Marlon Quintana-Nieto "I'm rooting for Trump". between the fact that you didn't know that the person who originally pinged you was talking about the original poster and this comment... it just shows how stupid you are What a shocker

[@shangobunni5]

If you STILL bank with Wells Fargo, for God's sake, please withdraw all funds, close all accounts, and move your money to another bank!! Find a credit union to bank with if you can.

[@edgelord8337]

So Yoshi's not the only one doing tax fraud.

[@doctorfantastic00]

What is this in reference to?

[@AMabud-lv7hy]

@@doctorfantastic00 just search Yoshi commits tax fraud, it’s pretty fire

[@fuckinghelenlikewhatthehel2629]

It’s referencing a meme

[@DeathbyPixels]

“In the end, there was no jail time for him, but in the end, he did get penalised.” * shows picture of him with a bandaged hand *

[@tomhill3248]

Not good enough. Take his whole arm! No anesthesia. We use horses for this one!

[@glen1555]

Saw that, someone with a lump hammer "Hand or knee, choose"

[@zackhod8661]

I worked in the postal service for 10 yrs and I know junk mail VERY well.... and this is junk pure JUNK 👎”JUST DUMP IT!”👍

[@fifthrider]

7:50 - "A Goal of eight is great". "Let's go again for ten." "Do the crime get 7 to 9." Too bad the CEO gets a multimillion dollar parachute deal to cushion those fines while thousands lost their jobs. If your company is firing 5,000 people for something unethical, it wasn't the employees who were unethical in the first place.

[@jabencarter88]

I was an employee with Wells Fargo from 2013 to 2015. The sales culture was over the top, shady and unacceptable. The last straw for me was my district manager yelling at me and cussing me out because was not opening enough accounts. I never want to work in the sales/retail industry again. It was a terrible experience.

[@netechma7724]

I am a wellsfargo customer for over 10 years now. I have used their services for checking and credit card, never for savings. They have never been pushy with me at any location. They did not sign me up for a credit account, I requested it after a few years of using them. I have also gone in on my own seeking financial advice but never did any consolidation or any other services. That's just my experience with them and I've been happy so far.

[@caterinesimon4538]

Really

[@netechma7724]

@@caterinesimon4538 yes, they've been helpful in my personal experience although I'm aware of the companies wrong doings toward others.

[@Yourbiggestcrush]

I worked at BoA from 2010-2013 and I can tell you that a lot of the practices of opening accounts and tracking from corporate the rate of accounts were the same. I’m certain that Chase was the same cause I had other friends who worked at different banks. This was a standard of the business and not just at WF

[@thunderbird1921]

My parents had a Chase credit card for years. They finally got FED UP with Chase's crap and dumped them after they lied about approving their donation to a charity using the card (they hadn't let it go through). It had been building for a long time though. Now they luckily have a card company that is much better.

[@waaazupd1948]

Wells Fargo just got a little too crazy about it and got caught. Every other bank has managed to stay under the radar.

[@BluePlanet1]

Yeah I think everyone knows that if Wells were doing it then BoA and Chase were also doing it. Granted they weren’t doing it like Wells, or at least they weren’t opening bogus accounts to the same level as Wells. Wells Fargo only got caught because they were too greedy. I mean the scandal doesn’t make much sense because when you calculate the costs of paying postage for mailing credit cards, maintaining accounts that customers weren’t using and all of that the bank was actually losing money. It literally cost them more to open fake accounts then it would’ve for them to just not defraud people. I don’t buy that none of the top executives didn’t know, Carrie Tolstedt was well aware of the scandal because she was the head of the Wells community banking division. I have no doubt in my mind that she and other executives including Stumpf knew.

[@michellecollins4301]

True that 💯

[@justsomeguy5470]

You could say that on all accounts, they have thoroughly depleted their trust fund

[@eyeheartsushi2212]

Ben Neal hahahahaha

[@kevingarver9752]

You can bank on it !

[@jonplaud]

I don't like or trust them for one reason: their logo. It looks like a carriage filled with highway bandits.

[@9HighFlyer9]

@slayne2 yeah, it's pretty much the opposite of a carriage of bandits. Wells Fargo operated the Overland Mail Company which operated stage coaches across the Western US in the 1800s. Wells Fargo's logo is taken directly from their history.

[@timomarx7690]

Company Man: thanks for the info on Wells Fargo! I was thinking about getting a credit card with them. This video definitely made me think twice! I don't think I have the nerve to do business with them now. Never knew about the scandal until watching this video. Keep up the good work!

[@companyman114]

Glad it was helpful!

[@NeonNerd87]

Get a card with your local credit union instead. Big bankd offer you lower limits and make it hard to get your limits increased afterwards. Former WF employee here.

[@edalder2000]

I worked at Wells Fargo from 2010-2012. This is accurate. My sales goals called "solutions" at least doubled in my time there. If I didn't meet my quarterly goal, I would be written up. Get written up enough and you were fired. The official phrase was "deepening the relationship with the customer." The real goal was to open so many accounts and services for customers that they did not, or could not leave Wells Fargo. That's because it was so difficult to un-entangle your accounts and transfer to another bank. I knew of several personal bankers, who opened accounts, etc., that would talk to customers and tell them to close their accounts. That banker then opened new accounts for their customers. I was expected to scrub account records to find new targets for sales. I knew that some folks were opening accounts without that customer's knowledge. It was an open secret. The pressure to sell was that intense. I never did it, and as soon as I knew it was happening, I started to plan my exit. In 2.5 years, I have 7 branch managers, 3 assistant managers, 10 personal bankers and so on. That turnover plus sales pressure caused me such stress that I burned out and went into a depression. I left Wells Fargo for the sake of my mental health.

[@javottewilliams8841]

You are so Right before my husband passed away I 2020 someone close my account and open it back up I noticed where they took $1,000 out I had $3,000 in change in there I have my receipt now I'm hoping they will go back and see who this person is that close my account took those 300 it was $3,000 and opening up

[@pricehouston6952]

I used to work for Camping World, and they did similar tactics. You'd love to hear what I have to say, since they never got caught.

[@baronvonlimbourgh1716]

Please do amuse us with some juicy stories.

[@mattshipley182]

Yeah, we need a story please!!!

[@franklingonzalez1003]

You piqued my interest. Go on.

[@JamminJim19]

Do it now

[@santi1505]

Plz tell

[@19billdong96]

I always loved Wells Fargo since it was my family’s default bank. Let’s just say that tradition is gone and it’s going to take a miracle to come back

[@davidpowell3347]

It ain't your Father's Wells Fargo.

[@VolcyThoughts]

There was also a scandal with Bank of America on mortgage discrimination. Do one on that

[@companyman114]

There were a lot of scandals going on there. Any time I try to cover something like that it's so hard to keep it isolated because it's all so interconnected.

[@bigboyb652]

Ive worked there for a little over half a year and you can really see how much the scandal has affected the business. During training they drill it into you to not do anything fraudulent or even slightly risky, and one of the core values of the company now is to "earn back the trust of our customers and shareholders" or something like that.

[@TomMcMorrow]

As someone who holds his education in finance and was in school from 2015 to 2018, I have a very mild inside view into things. I can tell you Wells Fargo used to be one of the big recruiters for students until the scandal, after which their table was absolutely abandoned. This gave rise to JPMC becoming the top dog for pulling talent at my alma mater.

[@christinamorales7365]

Had a relative working there during that time and this was very accurate...it was all shady and people were fired....don't blame the employees, the pressure was real, blame the leadership team and higher ups. It was sad to witness and I hated how it made them feel and the things they had to do to keep their job.

[@halvey8518]

Warren Buffet still tried to avoid making a comment on CNBC about them while he was slowly selling his position in Wells Fargo and slowly buying Bank of America stock😂 A bad comment from him and they’d go bankrupt.

[@phototristan]

He only sold to stay under 10% ownership and avoid regulatory hassles. Charlie Munger has recently said if there's any bank that is now primed to do good, it's Wells Fargo (b/c not only they've learned their lesson, but also all eyes are on them).

[@angolin9352]

@@phototristan Hahahahahahaha, "Learned their lesson." Wait, you were serious? Let me laugh even harder. *AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA*

[@phototristan]

@@angolin9352 Yes indeed. You clearly have personal issues if it is not evident to you, and based on your reply. The CEO who was responsible for the schemes was forced to resign and took responsibility. Not to mention all of their fines. I would say Wells Fargo more than learned their lesson.

[@angolin9352]

​@@phototristan Wells Fargo got a stern talking-to and had to pay back a portion of what this scheme earned them. The CEO got a slap on the wrist and was banned from an industry he wouldn't work in again anyways, because whatever his new bank was, the Feds would watch them like hawks for the illegal activity banks always do. This CEO also made bank (if you'll pardon the expression) and showed whatever company he heads in the future that he's willing to commit very serious crimes for the sake of their bottom line, and is able to make the consequences be paying a portion of what the illegal activity netted the company. In other words, the company will have made a net profit off of whatever scheme he has in store. The only lesson that was learned here was, "Do it again. Nothing bad will happen to you."

[@phototristan]

@@angolin9352 It's clear you didn't even watch this video. They used to have an 8 product per account-holder goal. Now, they no longer have that. What part of 'they learned their lesson' don't you understand?

[@nailinstructor]

I remember trying to open a business account at Wells Fargo in 2008 and I won’t forget how the bank rep tried to get me to open 10 accounts. One for payroll, purchase, personal, travel, emergency, retail, taxes and two personals with savings. I thought he was crazy and so I left. Thank goodness. I will never bank with the big banks especially during COVID. Something fishy is going on with the business loans, watch! Let’s see what is left for businesses after they take their cut. Only credit unions forever.

[@Danny-bx9le]

This is why everyone hates banks...

[@hf5135]

I used to work for Bank of America. They did the same thing, just on a smaller scale, until Wells Fargo got caught. Weekly, while I worked with the victims of Identity Theft, I was closing multiple accounts that customers never opened. Initially, I played it off like I didn't know what was going on, but after months, I eventually would tell the customers the truth. Big banks don't care.

[@untilnow581]

bankers don't go to jail

[@1985toyotacamry]

Sad but true

[@petercarioscia9189]

Nope, they get hundreds of billion dollars in tax payer funded bailouts.

[@analogaudiorules1724]

Money equals power in this society, have enough of it, 95 percent of the time you can get away with anything and everything, if you're a 9 or 10 on the attraction scale, are intelligent your chances only go up, you're almost untouchable 99 percent of the time in that situation, thats just how it is.

[@thefirmamentalist9922]

“Too big to jail” thanks Obama!

[@zeroslashj]

@Jason Hernandez So then why aren't the conservatards doing anything either? That's because they're sleeping with them.

[@xelefonte]

*When Wells Fargo says sales goals, they basically mean theft goals. How much can they steal from their customers without getting caught?*

[@RobR4455]

I worked for WF in the SLC center and pressure was intense. The eight products push brought back memories, and I remember them pushing that BIG TIME!

[@Redpoppy80]

I have been teaching myself finances for 10 years and I knew about Wells Fargo's uh, "aggressive" sales practices but you managed to summerise this very well for only a 12-minute video. SUBSCRIBED! You will get a million subs soon!

[@wmnpwr98]

I worked there from 2003-2012, nine years! And this sales culture was a part of everything, even hiring the right people who were driven to meet sales goals and relationship focused on customers. While I observed firing of employees of branches for unethical creation of credit cards and other products of customers, I think this was prevalent due to the crushing sales goals. People were fired if they didn’t meet their goals.

[@christ_elijah]

When I worked for Wells from 2005-2007 the incentive program was insane and in a good way actually. They had these tiers the lowest was bronze, which depended on monthly sales and so you’d move up to silver and the highest was Gold... i think there was a platinum too not sure. Each quarter you’d compete against other branches in your district with the tellers, lead tellers, csr’s and so on. So you’d have a top teller, top lead teller and so on. Towards the end of the 4th quarter by November they’d have a company event to those who made it, it was called 11 ways to Wow. Meaning you acheived the 11 ways to Wow with many customers and for your branch. If you attended you’d receive a $600.00 bonus added to your incentive, on top of your Regular Earnings and Incentives from the Gold Tier. At these events Wells Fargo Mgmt would hunt and scope out employees from other districts to either Fire them. In a sense you were at the top but many were out to get you to see your true colors. Many would be fired for drinking, leaving the area or any illicit activity like alcohol etc. How do I know, because CSR’s and your Team would warn you beforehand especially being accompanied by the District Manager.

[@jasonfischer8946]

"I'm not saying that you should stay away from them." I'll say it, then: STAY AWAY FROM THEM!!!!!!

[@jasonfischer8946]

@slayne2 Good idea They'd probably start a new account for you and then charge you an insufficient funds fee.

[@papi_sativa]

Damn he had a broken hand? A LITERAL slap on the wrist?

[@ajvstheworld9315]

I noticed that also 💯 what does a millionaire do in his daily life that constitutes a broken Hand? He pick pocketed from the wrong Fat Cat and he got that "Wrist slap" PLUS a Public Reaction to his Actions PLUS a 3 Billion dollar Fine 😂

[@RetroRogue.]

Just found this channel. I absolutely LOVE content like this. Perfect channel for me. Only flaw is the videos are way too short. I was hoping for 30-60 minutes long after seeing the titles. The content here is too interesting for just 12 minute long videos!

[@tgustafson85]

I used to work for Wells Fargo as a phone banker at the time this was going on. The sales pressure was intense. Every few months between 2006-2008 the sales referral rate was bumped up by 1-2% every few months. When I left the company, the referral rate was 20%, which meant that you had to refer products on nearly every call in order to get a positive response on 1/5 of those calls. If you didn't receive the minimum referral rate, you'd eventually be fired. And customers would be incredibly upset they were being sold to when they called us to solve their problems. We were even required to click on a little sales icon on each call to see potential products. I was so upset when I saw John Stumpf sit there and throw the employees under the bus when it was a problem of leadership that caused this to happen. For a period of time in my life, it felt like I couldn't get away from them. There's nothing worse than having Wells Fargo dreams trying to keep up with your numbers and then going to work and doing that.

[@LegendarySuperVegeta]

I use a Federal Credit Union, I was almost tempted to try Wells Fargo but I got a tipoff that they were "a bunch of crooks" from one of my coworkers. Glad I see why they did what they did

[@Andreas4696]

Stay with the credit union. Big banks in America, even regional banks are a bunch of crooks.

[@barvdw]

Do keep tabs on your credit union, too, while they are generally safer, it's still an industry where temptation is always there.

[@dehash666]

Wow, I am FW client for...17 years I guess (actually I was with Wachovia before WF acquired it), I didn't know about this scandal. I don't go to bank to often, but they never tried to sell any new services. I wonder if I have credit card account opened with them:)

[@iamliljeffie2305]

Me: deposits money Wells Fargo: aaaaaaaaaand it’s GONE! Next

[@companyman114]

One of my favorite scenes.

[@TheFame5000]

One of my favorite South Park episodes. Thanks!

[@paulm3316]

100% true. My wife worked for WFB during this time. It was a second career for her - she had been a manager for many years, and just wanted to be a teller. She saw a TON of pressure being placed on tellers, and in-branch salespeople. She refused to comply, and let them know at the local branch level, she was aware of what they were trying to do, and if it affected her job, she would leave. She saw tellers churning through the branch constantly, and at one point, they fired all the salespeople, because they got 'caught', doing what management was forcing them to do. Management stayed, and they just replaced the salespeople with young people willing to do whatever it took to keep their jobs. I worked for another bank at the time, as a manager, and interviewed with WFB for a management position. I had heard about these unethical practices and questioned them during my interview, and I was told WFB made a lot of money with their sales practices, and without admitting anything, I was told I would be expected to comply and to ensure my employees did the same. I turned down the job. Another good example of this type of systemic corruption is Wachovia Bank,. after they bought World Savings. I was selling mortgages at the time, and I ended up getting fired because I was not willing to lie on loan applications and give mortgages to people who could not afford them. Customers knew this and were just as anxious to jump on the fraud train because it was the only way they could take part in homeownership in California (the state I lived in at the time). The only colleagues I had that were successful salespeople, were the ones that cheated, and of course, the company applauded them and turned a blind eye to what was happening because, you know, the shareholders.

[@danieltaylor7494]

I was affected by the Wells Fargo Credit Card Scandal and recently got my Jabbari Vs Wells Fargo settlement check.

[@hayzmation5354]

what is it with banks and scandals lately... Yea, lookin at you too CitiGroup loll

[@mmoarchives2542]

i'm looking at regions bank

[@hayzmation5354]

GJ Lelliott, well yea there’ve been a few things but if we’re trying to get technical it was the two semi-big lawsuits were a little over three months ago lol

[@DeadGuyPlays]

Lately?? This ain't new 🤣 Banks have always done this.

[@tanksandturtles1131]

Hey it’s you, I love your content ^^

[@DeathbyPixels]

Me: KZbin: Here’s a video on a scandal involving a huge compa- Me: gimme

[@caliglory1240]

this is a great and very INFORMATIONAL video. thanks for sharing.

[@companyman114]

Glad you enjoyed it!

[@TheKeksmuzh]

Sees “The Wells Fargo Scandal”. Me: “Which one?” There’s the fake account scandal, the fake home repossession scandal, car repossession scandal, the scandal of sub-prime loans being targeted to minority communities, and more!

[@jorgesilva5043]

Not to mention the deleting accounts with no permission

[@carlweiss8942]

would never use them they stole and are still in business wrong. it should have been worse

[@Kylora2112]

Their entire business should have been destroyed and all their assets seized and returned to the customers they screwed over 10-fold.

[@carlweiss8942]

@@Kylora2112 it comes down to to big to fail and no one cares about the people that were hurt and the deception we all believed,thx kylie

[@hardlyb]

@@Kylora2112 How would that have worked? I'm pissed off about their fraud, but suppose we end the bank. Then what? Sell it for a loss so the stockholders get screwed? Give customers a week to move their accounts to BofA and then fire everyone and rent the offices to pop-up restaurants?

[@godmagnus]

@@Kylora2112 Yeah, closing the bank screws the costumers over, too. Guess you're not old enough to have had a bank account yet.

[@techx154]

In Texas, the Compaq computer company started in the now building of Wells Fargo, makes you think... Did Wells Fargo fund Compaq to steal customers information...

[@mksongbird]

Season 2 Episode 1 "The Wagon Wheel" of Netflix's series Dirty Money is all about the Wells Fargo scandal. timing.

[@smjaiteh]

In video game terms: Wells Fargo was Atari, got bought out by Infogrames a while back and had their name stolen, and forced their employees to started acting like GameStop.

[@gregorysmith2868]

My mom worked at a San Francisco Wells Fargo, and she made great money, but she left because she did have to do that, she had to have multiple accounts opened with different people every single day and open accounts with them, but she left because she didn’t wanna do that anymore, I think she said it was like at least 4 superset accounts with different people every single day

[@Solambulist]

I worked for Wells Fargo and can honestly say with all the fibers in my being it was the worst job I’ve ever had.

[@sharronmark5836]

Hello How are you doing today

[@Paracosm]

I feel stupid not knowing all this stuff going on with HUGE company’s

[@hayzmation5354]

I’m not gonna say it’s not relevant to you, but like also there’s no need to know everything lol ...Unless you’re a banker

[@jeenkzk5919]

Don’t feel bad, man. We are supposed to trust the companies we use while at the same time keep a close eye on them.

[@notforgotten3685]

@@jeenkzk5919 well put

[@omgratboy44]

@@hayzmation5354 there's a saying for this: Trust, but verify.

[@ChiralSpirals]

You dont have to ..just subcribe.

[@latinx5129]

“Same with Verizon Wireless. I once had a young African American customer who was wheelchair bound and came into money from a lawsuit. My manager pressured me to keep him in the store from 3 PM till after closing at 9 PM. I opened two air card accounts and four more cell phone lines and sold him $300 worth of accessories. He didn’t need any of it but we found ways to get him to to agree to all this to push our numbers. He cancelled everything a week later, good for him. Verizon is HORRIBLE”

[@jondoe406]

Verizon is the worst. Get "new lines" at any cost!

[@TakeWalker]

Oh oh the Wells Fargo scandal is a- COMIN DOWN THE STREET