Last year, Wells Fargo ($WFC) came under fire for their truly shocking anti-consumer business practices. As revealed by several government agencies and bureaus, the San Francisco-based bank and their staff routinely opened duplicate accounts in the name of existing customers without their permission. They also pressured said customers to open unwanted accounts for no reason other than padding their sales numbers, raking in excess fees, and pleasing shareholders.
While Wells Fargo does damage control by repaying those unwanted fees and quietly settling claims against customers in arbitration, former Wells Fargo employees are speaking out against the company’s deceitful practices. Two former branch managers recently sat down with CNNMoney to talk about what they experienced while working for the troubled bank. What they had to say shines a new light on how the company operated.
Despite the damning claims against them, Wells Fargo is now doing fairly well as a company. Their stock is up 12% in the last year as of this writing, and they’re still opening more branches across the country. It’s hard to imagine, however, that their customer numbers will ever be the same now that the public is aware of how they operated.