Report - Wells Fargo staff told they'd end up at McDonald's

Anyone falling short after two months allegedly told they would be fired.

The Los Angeles Times reports that Wells Fargo branch manager Rita Murillo came to dread the phone calls.

Regional bosses required hourly conferences on her Florida branch's progress toward daily quotas for opening accounts and selling customers extras such as overdraft protection. Employees who lagged behind had to stay late and work weekends to meet goals, Murillo said.

Then came the threats: Anyone falling short after two months would be fired.

'We were constantly told we would end up working for McDonald's', said Murillo, who later resigned. 'If we did not make the sales quotas … we had to stay for what felt like after-school detention, or report to a call session on Saturdays'.

To meet quotas, employees are said to have opened unneeded accounts for customers, ordered credit cards without customers' permission and forged client signatures on paperwork. Some employees allegedly begged family members to open ghost accounts.

The newspaper says that these conclusions emerge from a review of internal bank documents and court records, and from interviews with 28 former and seven current Wells Fargo employees who worked at bank branches in nine states, including California.

A Wells Fargo spokesman said that the bank has security procedures to root out employees who violate laws or bank ethics policy.

'This is something we take very seriously', he said. 'When we find lapses, we do something about it, including firing people'.

Hit the link below to access the complete Los Angeles Times article:

Wells Fargo's pressure-cooker sales culture comes at a cost

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