Are Canadian banks headed toward a Wells Fargo–style scandal over sales tactics?

Employees at big five Canadian banks said they are under extreme pressure to sell more to customers — they’re even told to lie, they claim

Is there a Wells Fargo–type banking scandal breaking in Canada?

An investigative news segment of CBC-TV, radio and the web called “Go Public” said that it received more than 1,000 emails from employees at the five big Canadian banks complaining of extreme pressure to cross-sell products to their customers to meet aggressive sales targets. The emails came after a “Go Public” report last week that staff at TD Bank were being pressured to sell customers products they do not need.

The emails came from employees at the Royal Bank of Canada RY, +0.68% Bank of Montreal BMO, +0.00% Canadian Imperial Bank of Commerce CM, +0.32%Toronto-Dominion TD, +0.63% and Bank of Nova Scotia BNS, +0.24% across the country, all complaining that their employers are forcing them to mislead or even directly lie to their customers, CBC reported.

“We are all doing it,” wrote one RBC financial adviser.

In one example, a TD insurance broker in Barrie, Ontario, wrote, “We are straight up told to tell false stories (lie) to sell products.”

Read on.

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One response to “Are Canadian banks headed toward a Wells Fargo–style scandal over sales tactics?

  1. Pingback: Are Canadian banks headed toward a Wells Fargo–style scandal over sales tactics? - Securitization & Mortgage Audit

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