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September 20, 2016

High-pressure sales now common in banking

  • Other banks don't face allegations of fraud like Wells Fargo, but experts say the industry as a whole engages in high-pressure sales tactics.
    • By KEN SWEET
    AP Business Writer

    NEW YORK — Wells Fargo CEO John Stumpf testified before a Senate committee hearing Tuesday, but it's not just his bank under fire for turning friendly branches into high-pressure sales centers. It's the entire industry.

    Wells Fargo is in the spotlight now after its employees allegedly opened up to 2 million bank and credit card accounts, transferred customers' money without telling them and even created fake email addresses to sign people up for online banking in an effort to meet lofty sales goals.


     
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