For Oscar Garza, career success was measured one account at a time. The Chase personal banker said he had a month to persuade customers to open 40 checking or savings accounts and 15 credit cards. Meeting that goal would mean an extra $800, but failure could lead to his termination.
“You either do this or you’re out,” Garza said.
The stakes were so high, Garza says, that his managers encouraged him to enter false income information or to accept questionable identification documents in order to speed approval for new accounts. Other times, he said, he would run a customer’s credit history without their permission to determine if they qualified for a credit card.
Such corner-cutting sales tactics — and worse — have become a new flash point in the debate over whether, eight years after the financial crisis, U.S. regulators are doing enough to hold Wall Street accountable for bad behavior.