If you're a bank and want to raise profits what should you do? Why not open a few million more customer accounts without customers even knowing?
That's what Wells Fargo did, so they could increase earning through bank fees. Fortunately, the customers have been refunded.
According to John Stumpf, Wells Fargo CEO, "the blame is on the workers, not the company culture." Well, maybe it's the company culture that made the workers do this? The instructions have to come from somewhere.
A $185 Million fine will be paid, and then most likely back to business as normal. Another great example of a bank failing the public.
Just wonderful.
