stackyFACTS
Economy

How Wells Fargo employees created millions of fake accounts

HERE’S THE INTERESTING PART

When a bank demands you hit unachievable sales targets, the logical corporate response is to start hallucinating customers. Wells Fargo notoriously pushed its employees so hard to cross-sell products that staff opened millions of fraudulent savings accounts using the names of real clients without their knowledge. It’s a stellar example of how aggressive bonus structures turn cashiers into identity thieves.

How Wells Fargo employees created millions of fake accounts
STACKY / Economy
One discovery leads to another.

Keep exploring facts in this topic.

Economy →
STACKY FOR IPHONE

A bigger world.
One discovery
at a time.

Keep discovering with Stacky. Interesting facts in an app that is always within reach.

Download on the App Store
ONE MORE DISCOVERY?

Keep exploring

All in this topic →
The farmers who secretly reshaped China's agriculture
Economy

The farmers who secretly reshaped China's agriculture

In 1978, the villagers of Xiaogang were starving under Maoist collective farming, where working hard yielded the same miserable rations as doing nothing.…

Discover more
The principal-agent problem gives mechanics more information than drivers
Economy

The principal-agent problem gives mechanics more information than drivers

The principal-agent problem perfectly describes the sheer terror of taking your vehicle to a repair shop. You, the clueless driver, just want the cheapest…

Discover more
Why an expensive drink can mean a bigger tip
Economy

Why an expensive drink can mean a bigger tip

When a server enthusiastically suggests the most outrageously expensive beverage on the menu, they are not looking out for your palate. This is a classic…

Discover more
International Business Machines, better known as IBM, made one of the most spectacularly terrible economic decisions in corporate history in 1980 by allowing a young Bill Gates…
Economy

International Business Machines, better known as IBM, made one of the most spectacularly terrible economic decisions in corporate history in 1980 by allowing a young Bill Gates…

International Business Machines, better known as IBM, made one of the most spectacularly terrible economic decisions in corporate history in 1980 by allowing…

Discover more
J.P. Morgan locked bankers in his library during a panic
Economy

J.P. Morgan locked bankers in his library during a panic

Before the Federal Reserve existed, the US economy’s safety net was literally just a grumpy 70-year-old billionaire. During the Panic of 1907, the stock…

Discover more
When you look at the total global economy, what terrifyingly small percentage actually exists as physical cash?
Economy

When you look at the total global economy, what terrifyingly small percentage actually exists as physical cash?

When you look at the total global economy, what terrifyingly small percentage actually exists as physical cash?

Discover more
StackyMore discoveries in the app
Download on the App Store