Wells Fargo is paying a price for the pressure it has been putting on its sales to meet the targets. Wells Fargo has been accused and found guilty of creating accounts without the consent of the customers.
The report says that the bank employees were issuing credit cards without any knowledge of the customers and creating fake emails to sign up customers for online banking. Lots of customers have had a complain about late fees that they weren’t even aware of the products and service they had.
In a statement, Wells Fargo said it had set up an independent review of sales practices dating back to 201 and has had already terminated around 5,300 employees including managers over the five-year period because of the findings of unethical practices.