Yes, my friends…you read that right. 5,300 employees at Wells Fargo Bank had to be terminated for going rogue and signing up over 1.5 million customers for credit cards and other accounts that customers had not requested.
“Going rogue?” That would have to be the case given no managers or senior leaders were aware of or held accountable for this. It’s the most profound example of “going rogue” I’ve ever witnessed.
The top executive in charge is going to retire with a package of $125,000,000. Nice work if you can get it!
Wells Fargo was fined $185 million which amounts to about $120 per fraudulently-opened account. My, my–a mere “cost of doing business.”
The Justice Department is going to look into this, so, it’s not over. Wells Fargo’s leadership doesn’t pass the giggle test on their explanation that the employees did this independently.
Isn’t it about time that white collar criminals learn first hand that white collar crime doesn’t pay? Isn’t it important that a corporate culture be intolerant of fraud against customers?
Thought for the week:
“Technology needs to take away administrative burdens to free up healing hands.” – Shane Waslaski, CEO, Intelligent In Sites (healthcare operational intelligence)
© 2016 DAVEGARDNER.biz All Rights Reserved
Note: This posting is based on my weekly “Thank God It’s Monday” that helps you and your company thrive! To receive an email version of “Thank God It’s Monday” to start your week, please subscribe here. I would very much appreciate your suggesting to others that they subscribe.
Privacy Statement: Our subscriber lists are never rented, sold, or loaned to any other parties for any reason.