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When I was a banker, many banks became adept at encouraging their banking representatives to increase profits by selling multiple accounts to each new customer. It seems Wells Fargo took this practice to a whole new level.
It’s reported that Wells Fargo employees opened over 1.5 million new accounts for customers without their permission, generating millions in fees. Over 5,000 employees were fired over a period of years for these actions, yet, the fraud continued until recently.
Many believe Wells Fargo’s excessive pursuit of profits trumped doing what was right.
Proverbs 11:6 teaches, “The righteousness of the upright delivers them, but the unfaithful are trapped by evil desires.”
If you have incentive plans in your workplace, make sure these plans have checks and balances for the greed that may surface.
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