How Wells Fargo’s rivals make it harder for employees to create fake accounts

For Estela Slikker, life as a personal banker at a Chase branch in the East San Francisco Bay city of Martinez wasn’t easy.

She worked long hours trying to open enough accounts to meet her monthly sales goals and earn bonuses that could more than double her minimum-wage pay.

After a fight with her boss, though, she had enough.

Slikker quit and headed to rival Wells Fargo & Co., but once there found something even more unpleasant — far tougher sales goals and co-workers who had figured out how to meet them by gaming a flawed incentive system.

The situation at Wells Fargo “was 10 times or 20 times worse,” she said.

“At Chase, they were more interested in getting money from people — getting deposits. With Wells Fargo, they just cared about how many accounts you opened. That’s where it started with all those employees doing fraudulent activities,” said Slikker, who worked for Chase in 2011 and at Wells Fargo for two years after that.

Read on.


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