Wells Fargo Profiled The Weakest Customers To Sell More Product … Branch Offices Were Called “Stores” By CEO Stumpf
An ex-Wells Fargo bank teller talks about what he called the “victimization of unwitting customers” — the elderly, non-native English speakers, college students and other financially unsophisticated groups — that he witnessed as an employee.
Pham also said the tellers and bankers especially targeted the financially unsophisticated for these unnecessary accounts. “Just like a lion trying to take down a wildebeest, you cull the herd and take the weakest one,” he says. “You’d profile customers walking in. If [bankers] saw an elderly person walking around, they’d jostle to talk to that person.” In particular, the elderly, non-native English speakers such as immigrants and college students were very “popular,” says Pham. “If there was a Caucasian gentleman in a business suit, they’d say, he probably knows what he’s doing” and so not offer him these extraneous accounts.