First it started with the identity theft/fraud case of illegally opening up accounts in customer names without their consent. Then there were cases where people were sold insurance products that they did not need or want. Then they are under investigation for improper sales tactics by their brokerage unit. I think that there were some others. I just can't keep up with it. Then a new story comes out today.
Apparently, Wells Fargo employees improperly altered or added information on documents related to Corporate Customers last year and early this year as it was trying to comply with compliance matters.
Now, as I have written, this has to be the most toxic corporate culture in existence for the sheer number of these types of cases. I mean, how could upper management not know this was going on. Then today, more improper conduct, this time with corporate clients. What's worse is that it happened as early as this year while the microscope was squarely on their every action that they were taking. You know who I feel sorry for? I feel sorry for the Public Relations person. I mean, how do you bounce back from yet another story? Here is what they had to say:
"This matter involves documents used for internal purposes. No customers were negatively impacted, no data left the company, and no products or services were sold as a result."
SPIN INTERPRETATION - This was for internal use so we have the right to alter documents without the client's consent. After all, this was making sure that the regulators were happy because we were out of compliance and no customers were harmed, no data was leaked, and we didn't attempt to sell products this time. The spokesperson should get a raise for making it sound that good.
Will the bad news ever stop? How deep does the problem actually go? How much will shareholders and bank customers tolerate?