Lowering Sales Quota at Wells Fargo Bank

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Lowering Sales Quota at Wells Fargo Bank Prepared for: Patrick Nygren SVP Regional Banking Area President at Wells Fargo Greater Philadelphia Area Prepared by: Shakeya Covin Lead Teller at Wells Fargo Bank Upper Darby Branch August 13, 2014 MEMORANDUM TO: Patrick Nygren, SVP Regional Banking Area President FROM: Shakeya Covin DATE: August 4, 2014 SUBJECT: Lowering Sales Quota at Wells Fargo Bank One of the largest banking and financial services holding companies in the world, Wells Fargo is a powerful political player and is the nation's leader in selling add-on services to its customers. The company, which is considered one of the four major banks in the United States, does business with one in three households in the U.S. Besides traditional banking services, Wells Fargo is a big issuer of credit cards and is the largest retail mortgage lender in the United States. The cornerstone of Wells Fargo’s sales is a strategy called cross-selling, in which Wells tries to sell additional products to existing customers. That means pitching checking-account holder’s new mortgages, mortgage holder’s new credit cards and card holder’s new bank accounts. Wells recently said it sold customers an average of 5.7 different products, up from 5.47 a year ago. But that success has come at a cost. The relentless pressure to sell has battered employee morale and led to unethical breaches, customer complaints and labor lawsuits. To meet quotas, employees have opened unneeded accounts for customers, ordered credit cards without customers' permission and forged client signatures on paperwork. Some employees have begged family members to open ghost accounts. Employees have opened duplicate accounts, sometimes without customers' knowledge. Workers also used a bank database to identify customers who had been pre-approved for credit cards then ordered the

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