The big news this week was that Wells Fargo fired 5300 employees, about 2% of their workforce, after admitting those employees opened more than 2 million deposit and credit card accounts without customers’ authorization. Their incentives that encouraged workers to open more accountsat all costs led to this disaster.
Fines paid admitting guilt have amounted so far to $185 million. The damage to this storied brand’s reputation is incalculable.
Trust is broken.
