Three TD Bank Group employees are speaking out about what they say is “incredible pressure” to squeeze profits from customers by signing them up for products and services they don’t need.
The longtime employees say their jobs have become similar to that of the stereotypical used car salesman, as they’re pushed to upsell customers to reach rising sales revenue targets.
They say there has always been a sales component to the job, but the demand to meet “unrealistic” quarterly goals has intensified in recent years as profits from low interest rates have dropped and banks became required — after the financial meltdown of 2008 — to keep more capital on hand to protect against a downturn in the market.
“I’m in survival mode now,” says a teller who has worked at TD for more than 15 years, “because it’s a choice between keeping my job and feeding my family … or doing what’s right for the customer.”
She and the two managers who contacted Go Public have worked more than 50 years combined at the bank. CBC has agreed to conceal their identities and location because they are worried about being fired.
“When I come into work, I have to put my ethics aside and not do what’s right for the customer,” says the teller.