Fake Account Scandal Will Cost This Company Employees And Major Cash
Wells Fargo employees opened fake accounts with their customers' money to meet sales targets.By Matt Picht | September 8, 2016
Wells Fargo is paying out $185 million in fines and axing thousands of employees after regulators said bank workers regularly opened fake accounts to boost their sales numbers.
The practice stems from Wells Fargo's sales incentives, which gave bonuses to employees who registered a certain target number of accounts. To reach those targets, some bank employees used existing customer accounts to open fake deposit accounts, debit or credit cards and online banking registrations.