Excellent post! Good question: will they? All we can do is wait and see ..
On 9/20/16, the Wells Fargo CEO, John Stumpf testified before the U.S. congress where he was aggressively questioned by U.S. senators from both sides of the aisle about the millions of bank accounts opened without the consumers’ knowledge or prior approval.
It has been alleged that the financial service representatives were under such intense pressure to cross sell at each and every customer contact, in order to attain the goal of 6 to 8 accounts per client, that some agents sold bank products without their customer’s knowledge to pad their stats. In comparison, the vast majority of financial institutions average 3 accounts per client.
While Mr. Stumpf’ delivered his opening statement to the senators, he claimed that, he as the CEO, was taking full responsibility for the harm that has been done to their customers and that the company would be taking the appropriate corrective steps, including the recent firings of 5,300 low…
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