Corporate Advisory

Culture revisited at Wells Fargo with ‘Special HR Team”

Wells Fargo workers who were let go for failing to meet performance targets may be able to rejoin the bank, the new chief executive of the scandal-hit group said on Tuesday, as he apologised to the company’s workforce for its failures.

Tim Sloan said the third-biggest US bank by assets had created a “special HR team” to help some of those “who left retail banking for performance reasons” apply for available positions.

Lawmakers have blamed aggressive sales targets for pushing under-pressure Wells employees to resort to fraud — practices that have resulted in public uproar.

Thousands of staff were found to have set up fee-generating bank accounts and credit cards for consumers who were unaware of them, in some cases faking customer details and signatures.

 

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