US Customers’ Case Alleges Wells Fargo Bank Sales Quotas Prompted Fake Accounts

Wells Fargo, one of the largest banks in the United States, has been hit by the first of many anticipated lawsuits over the creation of fake accounts by bank employees to meet sales quotas, according to published reports.

WASHINGTON (Sputnik) — The lawsuit, first reported by Bloomberg News, said Wells Fargo employees who failed to meet daily sales quotas were reprimanded and told to do “whatever it takes” to meet the quotas.

“Wells Fargo quotas are difficult for many bankers to meet without resorting to the abusive and fraudulent tactics,” three customers said in a complaint filed in the US state of Utah on Friday.

Earlier this month, the bank agreed to pay $185 million in fines in a settlement with US banking regulators. Wells Fargo also fired more than 5,000 employees.