If you already don’t trust the ways some big banks invest your money, Wells Fargos’ treatment of customers won’t increase your confidence. At Vanity Fair, Bethany McLean reveals the widespread corruption among Wells Fargo salespeople, and the way staff high up the corporate chain tolerated it. Between 2011 and 2015, bankers created over 1.5 million deposit and 565,000 credit-card accounts without customer approval. Employees blamed the company’s intense culture, and internal complaints made little difference. In 2016, Wells paid a $185 million fine, yet it admitted no wrongdoing, and it didn’t immediately eliminate its retail product sales goals. So what changes have been made to protect its customers? And why should anyone trust them again?
Guitron says that customers began coming to her, complaining about getting mail from Wells Fargo on accounts or services that they had never authorized. “People knew me and knew I could fix the problems,” she says. A common denominator, according to Guitron, was that most of the customers were Spanish-speaking, like her, so they didn’t feel comfortable going to management in English.
“All the tellers and staff knew it, but no one else would complain,” Guitron says. “People needed the job. So did I, but I knew right from wrong.” On September 19, 2008, she sent an e-mail to her branch manager. “I have come across instances where I’ve opened accounts and shortly after they are closed and new sets of accounts are opened,” she wrote. “I find NO banker notes to explain why this is happening. I am very concerned as I know this to be GAMING!!!” She collected approximately 300 printouts of accounts that were problematic in various ways, she says, such as a minor having more than a dozen accounts. But, according to Guitron in legal documents, her manager would say only, “It’s a misunderstanding.” Or “You need to mind your own business.”
Nothing changed, so Guitron requested meetings with more senior executives. Overall, she claimed that during her tenure at Wells Fargo she raised concerns on more than 100 occasions, including about a dozen calls to the Wells Fargo EthicsLine, and on no fewer than 37 occasions she provided records that supported her complaints. Guitron alleges that her managers began to retaliate, making it harder for her to meet her sales goals. She was fired in January 2010.