TexasCHLforum.com

I've been following the subject issue for awhile now, and more recently, their multi-year effort ("scam" if you prefer) that their employees aggressively tried to cross-sell customers with additional accounts. When they couldn't meet those quotas, some 2,000,000 fake accounts were opened, without the knowledge or permission of the customer.

WF's CEO John Stumpf was the target of a Senate hearing today, and he took a beating from Dem Senator Elizabeth Warren, and others, and rightly so. I won't re-hash the testimony word-by-word, but it seems pretty clear that these were not 5,300 rogue employees, but just average ones pressured into trying meet quotas to save their jobs. The fact is that Stumpf touted the WF's high account numbers in quarterly earnings calls to investors and analysts to help their stock price rise some $30 a share during the period of the scam, and which netted him $200,000,000 during the same period. When the thing unraveled, no senior execs took any hits, but the 5,300 rank and file got thrown under the bus. Yet, he said he "accepted responsibility. Bovine fecal material...

After I watched this video, I immediately went to my local WF branch, and closed both my accounts. I felt bad for the frontline branch personnel (in their situation of having to "follow orders"), but the only way to get a corporations attention is to whack them in the head with a clue-by-4.

http://www.npr.org/sections/thetwo-way/ ... ohn-stumpf

As an aside, when I went to another bank I use to re-deposit the funds, the teller said they'd seen a recent increase in new accounts from former WF customers. I suspect they'll see more once this video makes the rounds...