From 2011 to 2016, Wells Fargo fired 5,300 mostly low-level employees for allegedly opening more than 2 million potentially unauthorized customer accounts to meet aggressive sales goals.
Since this behavior became a national scandal last fall, the San Francisco-based bank has identified just 10 high-ranking executives who have been terminated, resigned or otherwise left the company, according to an Observer tally. And company officials this week said they aren’t expecting more departures.
In an extensive report released Monday, Wells Fargo’s board outlined numerous actions it has taken to reform the bank, including firing the head of its community bank and taking away millions of dollars in compensation. But some critics say the San Francisco-based bank should have done more to hold top leaders accountable, especially considering the toll on workers who faced intense pressure to hit sales targets.
“It really shows that they are still putting a significant amount of the blame on front-line bank workers as opposed to executives at Wells Fargo,” said Renata Pumarol, a spokeswoman for the Committee for Better Banks, a coalition of bank workers, community and consumer advocacy groups.