Why wells fargo is evil

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Nov 10, , pm EST. Almost immediately thereafter Gaming program was put into place. The next series of problems involved the corporate headquarters that oversaw Community Bank. This was largely because of its non-reliance on toxic mortgages that befell so many other financial institutions.

How did Wells Fargo become a business that tolerated as a side effect illegal and unethical conduct to hit a self-created metric? Was it perverse incentives? Did Community Bank leadership from Tolstedt and her ELT down have a single focus on making the cross-selling metric to the exclusion of all else? Were they simply evil people who wanted to cheat everyone and everything; including but not limited to customers, investors, regulators, the Board of Directors, employees, the banking public and everyone else?

I have more faith in American businesses than to believe that senior leadership at one of the top financial institutions in the country were simply evil fraudsters bent on engaging in illegal activity to make their numbers look better. I do not even think the cross-selling program was malevolent.

But somewhere cross-selling was pushed into something fraudulent and then illegal. Addiction to fraudulent metrics, especially those fraudulently achieved, will get you every time. Where does Wells Fargo go now? The Bank has now spent billions in investigation and remediation costs. It has now been fined billions as well.