In his most recent book Thank You for Being Late, Thomas Friedman cited BusinessDictionary.com for the following definition of culture:
Entries in Wells Fargo (14)
Earlier this week Richard Bistrong and Marc Hodak, writing for the FCPA Blog, considered how the Wells Fargo incentive system got so out of whack, and how this out-of-whackness contributed to the scandal around fraudulent account openings that has engulfed the bank since last August.
When Wells Fargo imposed a target of eight accounts per customer on its branches, the bank created an aspirational goal. Cross-selling is a proven method of encouraging growth and maximizing upside, with little incremental expense.
How will President Trump and the new administration view compliance officers and their work? Are compliance officers friend or foe?
In recent years, the financial sector has produced one shocking scandal after another. The latest outrage came when news broke of how Wells Fargo’s cutthroat sales culture drove low-level employees to open more than two million unauthorized customer accounts.
Wells Fargo said in a securities filing the Justice Department and the Securities and Exchange Commission are now among the federal and state agencies investigating its sales practices.
We saw an interesting discussion this week on CCTV America's news show The Heat.
Employees at Wells Fargo opened about two million deposit and credit card accounts that customers didn't authorize. Why? To earn incentive compensation for new accounts.
Incentive compensation is making lots of news lately, but the news is all bad. Mylan's Epipen, Volkswagen, and Wells Fargo. Ugh.