Subscribe to Valuetainment: Wells Fargo Case Study for Entrepreneurs- The Biz Doc, Tom Ellsworth dives into case study #6 with a lesson on running sales incentive programs without control. This lesson is derived from Wells Fargo an American international banking and financial services holding company that was fined over $185 million for abusing its customers. Come see what happened!
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About Tom Ellsworth: THOMAS N. ELLSWORTH, is an experienced CEO / COO and entrepreneur. He has been disrupting industries and driving consumer shifts through Venture-backed companies in technology, software, publishing and mobile that have generated exits totaling over $1B. Watch the interview with Patrick Bet-David:
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About Wells Fargo: Wells Fargo & Company is an American international banking and financial services holding company headquartered in San Francisco, CA USA.
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In the 1990's, I was hearing how "Wells Fargone" was holding military direct deposits, to create penalties on their auto withdrawals…
!(: GREAT VIDEO and Channel :)!
Oh yeah, I remember when all this went down, yet I'm still with WF. What's wrong with me? lol
I had a family member work there. He didn’t care about the bonus. He was just trying to save his neck. He never opened up accounts for people without their knowledge. But he did open up accounts for his mom, dad, sister, wife, and every single family member he could think. Probably his cat too ?. He opened one up for me and said that I can close it in a couple of months or whatever, he just needed to meet his quota and he was down and was always stressed out about that darn quota he had to meet.
Elizabeth warren is an idiot and everyone knows it. Please don't inflate her importance.
I just recently found your videos, and I love them! Had to sub, so informative.
This had been going on since back in 2010 at least. I know people who closed out accounts with Wells Fargo only to find 3-4 accounts they never opened.
6:28…Arbitration is a condition that 99% of credit card issuers include in their agreements. It is nothing unique to Wells Fargo.
Wells Fargo = the Bank of Evil ?
Wells Fargo has been corrupt as hell well before 2015.
But Warren Buffett says WF is a great bank. They are the best in the banking industry at cross-selling. Nobody in the industry comes close…
I love how Wells Fargo skipped over the fact that people were simply fired if you couldn't perform to their crazy goals. When you have 5000+ employees opening accounts on purpose something is clearly wrong
10:20 41 meeeellion dollar bonus.
These banks need stiffer financial penalties. $120m is chump change for them. Hit them with a $1.2b fine and bar the guilty directors from serving in any senior management position for 10 years. That would clean up their act.
14:48 no. it says DAMN!
I've heard stories about tellers working at bank branches (Not WF) that would monitor the activity of customers accounts, and then withdraw the money (into their pocket, tax free) from accounts that hadn't had any activity in x amount of time, prior to them closing the account. I can only image what goes on in that industry considering the size of it, theres obviously not enough oversight taking place aimed at protecting the consumer. I hear your story about the fees on a CC you never used or requested, really makes me wonder how many billions banks have stolen from people, in addition to the billions they rake in from their over priced services. And then theres the old boys that still got their bonuses when everyone else was losing their shirts in the financial crisis…
my girlfriend worked for them 2007-2009 and quit because of the constant pressure to get sales! She did not apply for a sales job, but was forced to do just that in a town of less than 20k. I would always get angry when she would talk about all the harassment and threats if a certain number was not reached. I would always say this can not be legal!!! HERE IS SOMETHING I NEVER HEAR TALKED ABOUT! They used to offer employee loans against their paycheck and i cant remember the % but it was really high. So well over half of the employees at that branch were always in the whole when payday came around! Once again i was screaming this cant be legal it was such a scam! Im beyond happy to see they got what was coming to them, except those big wigs still are sitting rich and pretty with all they made for doing nothing but shake down their own employees. Awesome video!!!
That’s an SEC Violation, SOX violation, etc
The ends always justify the means, but they don't justify "any" means.
I would agree being a former Wells Fargo Home Mortgage employee and an inventor.
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what was he doing before, leading it backward? lol
I heard a rumor some more information coming out
unauthorized Mexican pharmaceutical companies connected to democratic parties