Animated Videos Might Doom Wells Fargo
These short videos won’t win an Oscar, but they might get Wells Fargo CEO John Stumpf nominated for some sort of acting award.
A series of cutting animated videos blasting Wells Fargo’s sales incentives are getting a new life online in the wake of the bank settling federal regulatory probes that found its employees created more than 2 million bogus accounts — slamming customers with $2.6 million in fees — in order to meet branch quotas.
Stumpf, after the settlement, blamed the problem on employees and said there was no incentive to do wrong. But the series of at least 12 videos, most posted in 2011, when regulators said the account scam started, seem to put the lie to Stumpf’s comments.
Branch manager, district managers and their bosses were clearly aware of the improper sales practices, the videos content.