Wells Fargo Scandal: Sales Target and Trust

Followers of US bank will be aware of the ongoing scandal at Wells Fargo – the bank has been found to open for its customers millions of unauthorized accounts which was earning banking fees without their knowledge. A summary of the Wells Fargo Scandal can be read here.

Chasing Sales Target

This is one of the biggest “dilemma” of the financial industry – many employee’s KPI is measured against the sales target they bring to their employers. This means having to get new or existing customers to buy new financial products; however, if these financial products offered by banks are that good, why will they even need a sales target in the first place? Consumers would have flock to banks to grow their wealth.

Hence, to me, I can conclude many of these financial employees are pressured to meet sales target, pitching products to their clients, which may not be …

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