You might not think that Wells Fargo CEO John Stumpf has much to be thankful for these days, what with his mauling by Elizabeth Warren & co. on live television yesterday. As it turns out, things could have been worse: CNNMoney reports today that there seems to be an unfortunate connection between taking issue with the things Wells just paid a $185 million fine over and getting fired.
CNNMoney spoke to a total of four ex-Wells Fargo workers, including Bado, who believe they were fired because they tipped off the bank about unethical sales practices.
Another six former Wells Fargo employees told CNNMoney they witnessed similar behavior at Wells Fargo -- even though the company has a policy in place that is supposed to prevent retaliation against whistleblowers. CNNMoney has taken steps to confirm that the workers who spoke anonymously did work at Wells Fargo and in some cases interviewed colleagues who corroborated their reports.
And here’s a little tidbit the senior senator from Massachusetts undoubtedly would have like to have in response to Stumpf’s testimony that Wells employees are “encouraged to raise their hands,” and to inquire whether he wants “to hear from them” so that he can make sure he stops hearing from them.
One former Wells Fargo human resources official even said the bank had a method in place to retaliate against tipsters. He said that Wells Fargo would find ways to fire employees "in retaliation for shining light" on sales issues. It could be as simple as monitoring the employee to find a fault, like showing up a few minutes late on several occasions.
"If this person was supposed to be at the branch at 8:30 a.m. and they showed up at 8:32 a.m, they would fire them," the former human resources official told CNNMoney, on the condition he remain anonymous out of fear for his career.