Wells Fargo’s Stars Thrived While 5,000 Workers Got Fired

After Wells Fargo & Co. executive John Sotoodeh handed off more than a hundred branches in Southern California to a colleague in 2009, problems surfaced quickly.

His successor, Kim Young, addressing rumors that some employees were opening bogus accounts, called an introductory meeting with staff and warned she wouldn’t tolerate misconduct. Within a few days, managers recall, sales crumbled across her new turf.

Sotoodeh, who started as a teller in 1990, has since climbed even higher. He’s now one of three regional chiefs running the firm’s nationwide consumer-banking empire. Young spent the final years of her four-decade career at Wells Fargo weeding out bad employees, retiring in 2014.

In interviews, more than a dozen past and current Wells Fargo employees — many of them senior managers — chronicled how a generation of executives thrived in its ambitious sales culture, winning accolades and promotions, while being held aloft as examples to colleagues. All the while, people under them were opening legions ofunwanted accounts for customers.

As Wells Fargo grew, some stars fanned out from Southern California, described by colleagues and in congressional testimony as a focal point of the rampant misconduct, spreading a culture that lionized boosting sales.

Read on.

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