Sunday, April 16, 2017
Well Fargo sales practices
Wells Fargo just released a 113-page report Monday on a board committee's inquiry into the company's sales practices. MarketWatch summarized some of the findings, several of which I can relate to. I used to be a bank teller for about 9 months back in 1997. I worked as a bank teller at Bank of Hawaii's downtown branch. The most difficult, and stressful, part of my job was the sales aspect. Even though I worked in the commercial section (the one with the high dollar amounts), I was still expected to promote financial products. So upon reading that managers "suggested to subordinates that they encourage customers to sign up for products regardless of need," I can totally see how a bank's corporate culture can foster that environment. I'm not a very good sales person, especially when I don't believe the product really meets the buyer's needs. Looking back, I'm glad I didn't have to work in that job any longer. I went back to university for the spring 1998 semester.