Wells Fargo's 'boiler room' pressured salespeople for 20 new accounts a day

DENVER BUSINESS JOURNAL - A new report from National Public Radio has detailed how young salespeople at Wells Fargo & Co. were pressured to engage in aggressive and illegal sales tactics, sometimes in the very building where CEO John Stumpf works in San Francisco, with quotas of creating as many as 20 new accounts per day.

On Friday’s episode of NPR’s Planet Money, the network recounted the experiences of a former salesperson know as "Ashley" and the pressures she faced while working for Wells Fargo (NYSE: WFC), Colorado's largest bank.

"Other details dent leadership’s claims of ignorance of unethical practices. Much of what Ashley describes happened in the building where CEO John Stumpf worked — he parked his car in an alley behind her desk," Fortune reports.

The insider's look at the bank's "boiler room" gives both the public and Wells Fargo investors a look into how the bank reportedly set and enforced quotas for new accounts — and the significant consequences employees faced if they missed those metrics.

Read more at the Denver Business Journal: http://bit.ly/2e4doOT

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