5,300 Wells Fargo employees fired over 2 million phony accounts
Found on CNN on Friday, 09 September 2016
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.
"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.
Employees should only have the customers in mind, and not some sales targets or boni. With such a system in place, it's not too surprising to see such an abuse.