Wells Fargo's aggressive sales tactics, which are already the subject of a lawsuit, are now under investigation by US regulators, according to reports. The probe, along with the lawsuit, is related to allegations that the bank employed a high-pressure sales system that encourages illegal behaviour by employees. These practises came to light in a Times investigation in 2013, which revealed that Wells Fargo workers, in the face of stricter sales quotas and fearing retribution from their managers, created accounts without customers' knowledge and forged customers' signatures. In its statement, Wells Fargo said it was "committed to ensuring our customers have access to high-quality products at competitive prices" but added that "we also take seriously any potential issues or concerns raised regarding customer
Wells Fargo's aggressive sales tactics, which are already the subject of a lawsuit, are now under investigation by US regulators, according to reports. The probe, along with the lawsuit, is related to allegations that the bank employed a high-pressure sales system that encourages illegal behaviour by employees. These practises came to light in a Times investigation in 2013, which revealed that Wells Fargo workers, in the face of stricter sales quotas and fearing retribution from their managers, created accounts without customers' knowledge and forged customers' signatures. If the Office of the Comptroller of the Currency (OCC) and the Federal Reserve watchdog are both investigating the bank's practises, this would mark an escalation of what has so far been a local matter.