What was the culture at Wells Fargo?


The culture at Wells Fargo has been characterized by several detrimental practices that significantly affected its reputation and operations. The bank had a culture that aggressively pressured sales teams to meet unrealistic quotas to the extent that employees set up accounts without their customers' consent, and celebrated behavior that took advantage of the bank’s customers for profit. This toxic environment was prevalent enough that employees openly joked about and celebrated taking advantage of the bank's customers, creating a very problematic work culture that prioritized sales over ethical standards and customer welfare 1.

Moreover, Bethany McLean pointed out that this culture was institutionalized to such an extent that even lower-level employees who were barely making minimum wage felt compelled to falsify accounts to meet their sales targets or face losing their jobs. This indicates a significant disconnect between the pressure put on employees and the ethical guidelines that should govern their actions, leading to widespread misconduct within the bank 2.

Wells Fargo Scandal

Wells Fargo has been caught overcharging customers for several years, creating a culture of cheating and celebrating taking advantage of their customers. This scandal highlights the need for decentralized finance and transparency in the financial system.


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