The big banks all use the same four tactics when they get caught cheating their clients.
First, they use spin to offset bad publicity. For example, Wells Fargo issued a statement that it has taken steps to make sure its “customer-focused culture is upheld at all times”.
This was an outright lie. I don’t think customer-focused banks open 2,000,000 fake accounts, fire 5,300 lower level employees, and pay a $185 million fine.
Of course, if the PR department says the lie enough times, people start to believe it.
Second, they wait for the current negative publicity to die down. Time is on their side. It is only a matter of time until a new scandal pops-up that captures the attention of the American public.
Third, they count on the short memories of many Americans. Like publicity it is only a matter of time before something else occupies their consciousness.
Fourth, they count on the apathy of the average American. The scandal did not impact them. All of the big banks seem to be ripping off their clients so it doesn’t really matter which bank they use.
What you are seeing exposed is the culture of a greed-driven bank that put its interests way ahead of the needs of the bank’s customers. But, how can a bank be greedy. It is the executives who run the bank who want bigger salaries, more stock options, and bigger bonuses. And, they are willing to do whatever it takes to get these perks.
Where is the accountability? Well the CEO did retire. What about the executives who run the banks retail banking services? Or, are we supposed to believe they did not know the bank’s cross-selling culture that they manufactured was damaging customers of the bank.
How can you trust a bank that blatantly puts its financial interests ahead of its customers’ interests? Read the article that describes the employees’ experiences at the bank. Voices From Wells Fargo: ‘I Thought I Was Having a Heart Attack’