According to a new report from the Committee for Better Banks (CBB), Wells Fargo employees say that the sales culture that triggered its disastrous "fake accounts" scandal may be re-emerging.
The report details mounting pressure on frontline staff to meet aggressive sales benchmarks under the rubric of performance "outcomes." Referencing comments and survey responses from employees, the CBB paints a familiar picture: individualized sales targets remain central to performance evaluations, while internal training and managerial support fall short.
The timing is notable. Wells Fargo remains under a Federal Reserve-imposed asset cap — an extraordinary measure enacted in 2018 to contain governance and risk management failures. The asset cap has cost the bank more than $36 billion in profits, by some estimates, making it one of the most costly regulatory sanctions in history.
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