Wells Fargo Bank committed a scam that stole from its customers, inflated its stock price, and lined the pockets of its top-level executives. Those same executives pinned the whole thing on their low-level employees – people making as little as $12 an hour. Thousands of them were fired from their jobs.
Wells Fargo CEO John Stumpf should take responsibility for the fraud and resign, but not before making it right for workers who were fired for failing to meet unattainable sales quotas.
Earlier this summer, the Congressional Progressive Caucus, along with the Communications Workers of America and the Committee for Better Banks, organized a briefing on the National Employment Law Project’s report titled Banking on the Hard Sell: Low Wages and Aggressive Sales Metrics Put Bank Workers and Customers at Risk. During the briefing, former Wells Fargo teller Khalid Taha spoke about how the constant pressure to open new accounts for customers led to him being hospitalized for exhaustion. Oscar Garza, a former JP Morgan employee, testified that he was instructed to open accounts “at any cost.”