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A few days ago an article in the Wisconsin State Journal included information on a $185 million fine handed to Wells Fargo after the government uncovered illegal banking practices across the country.
Apparently employees were opening and funding accounts without customers' permission or knowledge in order to complete sales goals and earn financial rewards from the company. More than two million bank and credit card accounts may not have been authorized by customers, but by employees trying to make their goal and earn a little extra cash.
While this is shocking, it doesn't necessarily surprise me. We live in a society ruled by the almighty dollar, and there are literally no limits for many when it comes to making money.
Although Wells Fargo has neither admitted nor denied any wrong doing, the bank has now stated that it plans to end product sales goals after the accounts scandal. I think it's a good idea.
While goals are often meant to encourage people to strive to do better, not every one will play fairly or by the rules. And it isn't just that way in banking.
Wells Fargo has fired over 5,000 employees who were caught up in the scandal, but there will always be those willing to manipulate the system for a reward. What happened to working hard, working ethically and being proud of just that?