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Intervew Former Wells Fargo Employee Reveals Bank's Shady Sales Practices

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Sept. 12, 2016

Published on Sep 10, 2016

Wells Fargo just fired over 5,000 employees for creating phony bank accounts.

They were making the fake accounts in order to meet sales goals.

A a former Wells Fargo employee, who wished to be anonymous, came on the show today to talk about how sketchy and problematic the operations are in the banking business.

The work culture at Wells Fargo sounds terrible.

More than 5,000 Wells Fargo employees have been fired as a result of a scandal involving phony bank accounts. But do the CEO or other senior executives need to be let go too?

Wells Fargo is paying $185 million in fines after the Los Angeles City Attorney and Consumer Financial Protection Bureau found that Wells Fargo employees had secretly set up new fake bank and credit card accounts in order to meet sales targets.

In some cases, Wells Fargo customers were hit with overdraft fees and other charges because their money had been unknowingly moved from their regular account to a fake one.

The CFPB said Thursday that the practice was "widespread." But how "widespread" remains to be seen. During the past decade, only a few top executives at many U.S. and European banks have lost their jobs due to numerous scandals going back to the financial crisis.

Several big banks inflated the value of mortgage-backed securities on their books. And some major banks coordinated to manipulate the Labor lending rate and foreign exchange rates, for example.

Interview former Wells Fargo employee reveals bank's shady sales practices