So, the latest revelation is in:
The scope of Wells Fargo’s fake accounts scandal grew significantly on Thursday, with the bank now saying that 3.5 million accounts were potentially opened without customers’ permission between 2009 and 2016.
That’s up from 2.1 million accounts that the bank had cited in September 2016, when it acknowledged that employees under pressure to meet aggressive sales targets had opened accounts that customers might not have even been aware existed.
Yeah.
I once worked for a mid-sized multinational financial corporation.
Everyone who was anyone, and everyone working in the departments in question, knew.
You can’t have numbers like these and not have everyone involved know. It cannot be done.
Everyone is either compromised or was incompetent. There will be a few exceptions, in technical corners away from executive suites and the front lines, but they will be few.
My old employer never did anything this bad (of which I was aware), they engaged in aggressive corner cutting, but tried to stay, well, legal. But when they did something dubious, it was known, even at the floor level.
And it was always driven by high-level executive demands for targets that simply could not be met by staying in the straight and narrow. Always. Low-level employees do much of the dirty work, but they do it because it is demanded, and because if they don’t, they will be let go or fired.
Numbers which can only be made by cheating, will be made by cheating. It is that simple.
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