Didn't this company learn anything from its past mistakes?? I'm in the branch and our DM is like get everyone to apply for a credit card even if the customers have a credit card, get them to apply for another because they will benefit!! The DM was shadowing my coworker assist an elderly client and the DM interrupted the banker and suggested to the other lady that she apply for the best credit card in the industry. The lady hesitated and politely said no, but the DM spent so much time pushing the credit card that the older lady finally stated, "if applying for a credit card will speed up the process for me being here, I'll apply." My DM was excited and had the banker do an application. After the lady left and no other customers were around, the DM said " That is how our bankers get new credit cards!" No one in the branch got a annual merit increase, but Wells Fargo is expecting more sales and in an unethical way to achieving those goals.
21 replies (most recent on top)
Must be the old jooish DM in Boca Raton. She’s a wreck.
That’s really good work. In that case the DM’s behavior makes zero sense except that he or she is a maniac. This isn’t happening everywhere though by any means.
@fa not HR. Just an emp that’s been around to know this is cyclical and it took someone being brave enough to say something to drive the initial investigation. You know all those execs that drove it were fired and fined. And note that contacting external sources can be anonymous.
But hey if you want to stay quiet then don’t complain. Only way to make change is to drive it.
@g0 As of this past Friday our branch had 40 applications with a 60% approval rating. So it is sales pressure.
Charlie Scharf is a mo--n and greedy....guess why.
I bet the branch had near zero cc applications for a month and the DM was trying to do a teach show do review deal and help them get one. Branch is not buying in. Will continue to produce zero cc’s.
Yes DM didn’t do it the right way, but make no mistake about it your branch is not doing it the right way either. I’m producing tons a cc results and I’m not pressuring anyone. Just being consistent.
@dc must work for HR..... Getting people to file complaints and report is one way to get the snitches out.
8 is Great!
I recent district manager was fired, branch manager fired, operations manager fired and multiple relationship bankers in our region already fired, all had work day check-ins for not being compliant. I keep in touch with the district manager who was terminated and he told me it was because he was not going to make his team to pressure sell, so the regional manager fired him.
I'm not saying that damn word because the people that did say something back in the day were written up or fired for not being in compliance with quotas. Me personally have already had a few birthday check-ins for not making for us already this year.
I wonder when they will make us create a pretty incentive web site again. Probably give this task to an Hyderbad team (manager and chelas).
Definitely report it. OCC, CFPB and Ethics line. Aggressive sales isn’t illegal but (courtesy ChatGPT (thank you WF for forcing us to get comfortable using AI))
If a customer complained that they felt pressured, best practice is to:
1. Document the complaint clearly
2. Log it in the complaint management system
3. Avoid coaching the employee to “sell softer” without assessing policy risk
4. Review whether scripts or incentives create coercive dynamics
If complaints are:
• Repeated
• Targeting the same manager
• Tied to aggressive quota pressure
That becomes a UDAAP risk (Unfair, Deceptive, or Abusive Acts or Practices).
Regulators don’t need fake accounts to act — a culture of coercion is enough if consumer harm exists.
@c3 somewhat correct. 2010 started with sales pressure... 8 is great bonus. But that wasn't enough for the managers. So they went with their building. Of course that won't happen this time. They have all those risk and compliance policies preventing this. Correct?
2010 wasnt sales pressure (everyone presses people to open credit accounts)
2010 was an entire building full of employees opening FAKE accounts without permission.
So no.... its not 2010.
It would not surprise me if the sales pressure returned, with the asset cap lifted and no other way to increase assets. Will it be effective as credit quality wanes, as more do it just for the bonus… unlikely.
This makes me so mad. How dare WF
@av actually, that's incorrect. Almost all of the banks use these tactics. Tye only ones I haven't witnessed are credit unions
Fake o rama
I see those endless training videos on Develop You about ethical sales are having their desired effect.
Good thing we are "right sizing" risk and compliance. We shall noy comply!
It’s a very unethical company. It will be a case study someday. All the Banks have their issues but there is nothing like what is seen at Wells. You should work on getting out of there. Not worth it ultimately to aid a corrupt company.
Report to ethics line.