Wells Fargo and the Slippery Slope of Sales Incentives

Posted by Andris A. Zoltners, PK Sinha, and Sally E. Lorimer on Fri, Sep 23, 2016


In early September, Wells Fargo agreed to pay a $185 million fine and return $5 million in fees wrongly charged to customers. The settlement stems from the bank’s employees allegedly opening more than two million bank and credit card accounts without customers’ permission. The CEO of Wells Fargo, John Stumpf, apologized in front of a congressional panel Tuesday, saying in a statement, “I accept full responsibility for all unethical sales practices.”


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