The Wells Fargo Scandal !!!

Hello Everyone! In this video of Keto & Krime, I will discuss the Wells Fargo account banking scandal that happened in September 2016. It is one of the major scandals of the banking world in which Wells Fargo employees had created 3.5 million unauthorized bank accounts to achieve unrealistic sales targets set by their management, under former CEO CEO John Stumpf.

As a result, the bank fired 5,300 low-level employees to create these accounts to show that they are doing something in this. This kind of sales gravity was known to cause similar issues at large banks that slowed down the research to prevent the main culprits of incident.

In the aftermath of this scandal, then-CEO John Stumpf was fired and had $41 million in compensation clawed back. Later that month, Wells Fargo said it would stop unreasonable sales goals. In a class-action suit, Wells Fargo agreed to pay $142 million to the affected parties, which included millions of customers. There is no denying that the news of the scam became widely known in 2016 and 2017 after the Consumer Financial Protection Bureau fined the company with a $185 million to pay to the custom whom their emplyes opened the account for!

It was never a stop joruney for Wells Fargo shaming as the company faces additional civil and criminal suits that reached to an estimated $2.7 billions in the next year to follow. It’s never stopped as The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.
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𝗜𝗻𝘁𝗿𝗼 𝗠𝘂𝘀𝗶𝗰-𝗖𝗮𝗿𝘁𝗼𝗼𝗻 - 𝗪𝗵𝘆 𝗪𝗲 𝗟𝗼𝘀𝗲 (𝗳𝗲𝗮𝘁. 𝗖𝗼𝗹𝗲𝗺𝗮𝗻 𝗧𝗿𝗮𝗽𝗽) [𝗡𝗖𝗦 𝗥𝗲𝗹𝗲𝗮𝘀𝗲]

▽ 𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝘄𝗶𝘁𝗵 𝗡𝗖𝗦

▽ 𝗙𝗼𝗹𝗹𝗼𝘄 𝗖𝗮𝗿𝘁𝗼𝗼𝗻
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𝐓𝐢𝐥𝐥 𝐭𝐡𝐞𝐧, 𝐰𝐚𝐭𝐜𝐡 𝐭𝐡𝐞 𝐨𝐭𝐡𝐞𝐫 𝐡𝐞𝐥𝐩𝐟𝐮𝐥 𝐯𝐢𝐝𝐞𝐨𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐜𝐡𝐚𝐧𝐧𝐞𝐥 𝐚𝐧𝐝 𝐚 𝐟𝐞𝐰 𝐨𝐟 𝐭𝐡𝐞 𝐯𝐢𝐝𝐞𝐨𝐬 𝐚𝐫𝐞 𝐥𝐢𝐧𝐤𝐞𝐝 𝐛𝐞𝐥𝐨𝐰:

01. A Deep Investigation to Vallow Files- 2500 Documents Just Released

02. Kilroy Another Laughable Youtuber Conference!

#WellsFargo #Scandal #Fraud

[katmandu]

How does Wells Fargo still have customers? How do we trust that their customers are aware that they are customers?

I think the executives should have done jail time as well as have been made to forfeit their salaries to the employees fired. I know they should have quit when pressured but that's easier said than done. They were just trying to earn a living. They got their orders from the execs. I'm surprised that the Retail exec didn't get death threats from former employees or duped customers. Messing with folks' money can turn things violent real quick.
I remember when I first heard of this thinking, " But they're a bank. Banks can't do that..." I think most Americans thought the same way. I shudder to think what would have happened if this became the norm for all banks.

[pandorabunny]

Woman, you are like a machine, thanks for all the content make sure you take care of yourself too :) hugs and well wishes from me. ALSO new video and camera are great good job getting that set up etc :) much improvement has been noticed since i started watching.

[theheroine]

I’ve worked at a couple of call centers and a lot of them make super unrealistic quotas and expectations. Not only for the mandatory amount of work you need to do that is totally unrealistic in order to both not be reprimanded and keep your job to being able to make a bonus for your sales (not commission sales) to help supplement your sad sorry paycheck that you can’t even survive off of alone by far.

[bettyir]

Don't get me started on WF. Too many wrong doings by them through different organizations I've been in. Time and again. Never, ever would I give them a penny.

[ABeautfulMess]

Shit, now I have to find a new bank..I miss my BB&T

[theheroine]

Those type of unrealistic expectations make work so stressful and your employees resent their job cause they’re just slaves and can’t do their jobs comfortably with that type of pressure and stress dangling over their heads.