Magazine : Archives : 1st Quarter 2022

What Wells Fargo Teaches Us About Culture

For years, investors and others viewed Wells Fargo & Co. as the bank with the strongest culture, the highest profitability and the best reputation in the nation. But the very thing Wells Fargo was admired for – its sales culture – led to its Icarus-like fall from grace. The scandal is now a familiar tale, publicized first when the Los Angeles Times broke the story in 2013 about a culture run so wild, employees en masse created accounts without customers’ permission in order to meet aggressive sales quotas. With $1.95 trillion in assets, Wells Fargo is the country’s fourth largest...