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New Wells Fargo Chief Sorry About The Time His Predecessor Put Undue Pressure On Employees, Fired Them, Threw Them Under The Bus

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By Captain-tucker (Own work) [CC BY-SA 3.0], via Wikimedia Commons

via Wikimedia Commons

When Wells Fargo's ex-CEO John Stumpf first tried to assuage the public and Elizabeth Warren's furor re: the bank's little fake accounts scandal, he did so by claiming the 5,300 people responsible represented but a few bad apples, which had subsequently been fired. That didn't sit quite right with said apples, who have since come out to say that the notion they were just opening accounts for their own selfish gain is BS, considering that:

Now that former employees have spoken out to say that the pressure they were under caused them to drink a bottle of hand sanitizer every day, which doesn't make Wells look that great, the new CEO has been trotted out to say, sorry guys. No hard feelings?

Tim Sloan, who’s been the bank’s chief executive for barely two weeks, took to Charlotte, N.C., to say “sorry” to his employees for his predecessor’s sins, according to reports. John Stumpf, who led Wells Fargo until Oct. 12, fostered a pressure-cooker environment that brought 2 million fake checking accounts and 565,000 fake credit cards, which led to 5,300 fired employees. “Many felt we blamed our team members. That one still hurts, and I am committed to rectifying it,” Sloan said, according to CNBC. Under Stumpf, bankers were expected to push customers to sign up for as many as eight financial products, like checking accounts, online accounts and credit cards. The pressure was so intense that one employee was forced to stay late and cold-call customers to open new accounts after her branch in San Francisco had been robbed at gunpoint, one former banker told NPR’s Planet Money.

New Wells Fargo CEO says ‘sorry’ to employees amid probe [NYP]


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