They Did What? The Wells Fargo Cross-selling Debacle


They Did What? The Wells Fargo Cross-selling Debacle

Sep, 21st 2016

Forget about the $185 million fine Here's something that really stings: Wells Fargo just lost the title as the most valuable U.S. bank for the first time in three years. Wells Fargo, the second-largest bank in New Jersey by deposits, is reeling from a widespread employee cheating scandal that led to a $185 million fine imposed by federal regulators that threatens to undermine its reputation as the best-managed and most-respected of the too-big-to-fail banks.

The debacle in which thousands of branch employees secretly opened more than 2 million deposit or credit-card accounts for customers who never asked for them, has drawn attention to the practice of cross-selling, and the incentive pay companies use to drive it. Michael Williams, dean of the Thomas Edison School...

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