Wells Fargo Banking Scandal

Wells Fargo in a New Age of Banking Scandals

17-Oct-2016 13:45:03

Denis Bensch, CIO - To those of us who grew up with westerns and cowboy stories, Wells Fargo often generates an image of stage coaches, high-speed horse chases and shootouts with bandits. Turns out that modern Wells Fargo bank employees have found a new way to rob customers.

In what seems to be one of the largest scandals of its kind, the bank has fired more than 5,000 employees for opening over 1.5 million bank accounts without the knowledge and consent of their customers.

Since the story broke, former employees have filed class-action lawsuits claiming that workers faced termination if they refused to meet sales goals by creating fraudulent accounts.

It is safe to say that between owing $185 million in fines and $5 million in customers refunds, the loss of consumer trust and associated income, Wells Fargo is not doing very well.

Why is this of interest to me?

Well, in short this is an excellent example of how the implementation of a Business Process Management Suite like Processware can help all kinds of businesses ensure that corporate and legislative governance structures are adhered to, that processes are followed and You and Your Business aren't in the news for all the wrong reasons.

It would seem that in the case, the stagecoach driver robbed his own passengers.

Topics: Insider, BPM