People’s View

What are other people saying about this issue?

     I am going to be using three multiple commentators. I wanted to try and cover how people look at this scandal from all angles and perspectives so I do not jump to any final conclusions without knowing the facts and perspectives of everyone. Therefore, my first commentator is going to be an x employee whose name is Kevin Pham, he handed in his resignation letter himself because he could not do what Wells Fargo was asking him to do. The other two commentators are going to be a professional analyst and a customer.


Kevin Pham is a former Wells Fargo employee. He gave in his resignation because he could no longer do what the bank was asking them to do. He worked at Wells Fargo from 2008 to 2010. This man decided to step out of his comfort zone and tell the entire world what he experienced and did at Wells Fargo during his 2 year stay there. He did this by creating a huge Facebook post himself and came clean through the post. He wrote about everything he witnessed, saw, and committed at Wells Fargo. After reading the Facebook post myself (sourced below), I was shocked. He starts off by saying that every day he went go to work, he witnessed the alleged toxic sales culture and victimization of unwitting customers that the media, reporters, and government officials are talking about in full coverage nowadays first hand. This means that it is safe to say that whatever you are reading on the news about Wells Fargo and what it had done in the past is not fake news. It is most probably true and correct and Kevin Pham has witnessed it first hand every single day of work. As of recently, new investigations have concluded that this scandal dates back to before 2011 and Mr. Pham says this is also, true. According to me external research, the scandal may have well started from May of 2002. Higher level management telling lower level bankers and employees to reach their sales target at all costs and doing whatever they have to do to make their sales target and quota fulfilled amounted a lot of pressure on the employees. Some being admitted to hospitals and taking time off work to deal with depressions and over stress related problems. Going back to Pham, he said that this extreme pressure forced bankers to specifically target and go after the most vulnerable customers because they will not argue back, these specific customers would do what the bankers think is best for them because they have limited knowledge or physical limitation to do so for themselves. This target group included, but not limited to, the elderly, young, non-native English speakers, and financially unsophisticated. To hear from the horse’s mouth and hear his perspective, I am going to cite this quotation from his Facebook post “I’ve heard of children of elderly customers coming in to ask why their parents had so many accounts that they didn’t use. I’ve seen low income customers have accounts charged off due to fees and their credit destroyed.”. That spoke volume to me and really showed me to the extent of the damage that had been done as a result of malpractices and unethical behavior being done in the workplace. The fact that elder customers’ children came to the bank to ask why and what is going on really does speak a lot for itself. As of for himself, Pham did admit to participating these unethical practices himself but soon realized the effect and repercussions of his actions when he got promoted and went from being a teller to being a full time banker. He then went on to have a mental breakdown because he was trying to fix and resolve the conflicts of his job duties, responsibilities and the pressure he was getting from upper management with his unethical practices. He went to the district manager in 2010 and the manager said that he was simply making excuses for his poor performance. Kevin Pham quit shortly afterwards. In 2016, he was happy to hear that Wells Fargo got caught out for the malpractices and got fined for it. As a result, the CEO went to court. Now, Pham did say he was not happy to learn that the fine was extremely small, about 0.8% of 2015 Net Income to be exact. Unfortunately, that wasn’t the worst part. According to Kevin Pham, “the worst part was seeing the CEO refuse to take accountability, fire one person in senior management, give back any part of his bonus, or resign.”. “Even worse, he had the audacity to put the blame squarely on the shoulders of 5,000+ low level employees barely making a living wage (the only people that were fired).”. After saying all of this, he decided to create the Facebook post and encourage customers to take action and close all their accounts with Wells Fargo. He also encouraged people who are looking for a job to not go to Wells Fargo because of their unethical practices and constant pressure. Wells Fargo will probably need to rehire new people once the dust settles and Pham is encouraging people to not work for Wells Fargo. He also started a twitter/hashtag movement called “#HOLDWFACCOUNTABLE”.


Ladies and Gentlemen, The man himself. Pictured above, Kevin Pham promoting his movement, to take action and speak out. Respect.

Sources for commentator 1:

All quotations, information and credit from the above excerpt are taken from this Facebook link:

Chris Kotowski

Chris Kotowski is a professional full time analyst. His perspective was quite unique. He took a different perspective which I was not expecting at all. On CNBC’s “Power Lunch”, he said that “A year from now I think most people will have forgotten this,”. I don’t agree with this statement. I believe that this type of scandal tends to leave a stain on the company for many many years to come, sometimes, depending on the type of scandal, it tends to stain the image forever. Kotowski believes that Wells Fargo customers will be much more forgiving and more lenient compared to senators and congressmen. In his defense, senators and congressmen are dropping bombs on Wells Fargo, going from fines to accusations to court cases after court cases. However, one does not expect senators and congressmen to be less harsh in any way. According to Chris Kotowski, people will forgive and forget the fake accounts scandal done by Wells Fargo after one year.

Sources for commentator 2 :

All quotations, information and credit from the above excerpt are taken from this link:

Lily Tran

Lily Tran was a longtime loyal customer of Wells Fargo. Lily Tran had a good friend who happened to be a banker in Wells Fargo at the time. She stated that she remembered the day in 2010 when her friend contacted her with a pitch for surplus accounts. At the time, Tran was perfectly fine and happy with her current checking and savings accounts with Wells Fargo. Her friend who was the banker at Wells Fargo did end up convincing Lily Tran to open several more accounts. Lily Tran said that after everything was said and done and Lily agreed to opening several more accounts, her friend was “relieved”. She was “relieved” because her friend got one step closer to achieving her sales target and quota, which will help her friend to keep her job. When the news of the fake accounts scandaled came out and the bank was fined. Tran’s response was immediate and swift. She closed all of her accounts and ended her long 10 year relationship with Wells Fargo. “Wells has screwed over their customers, and that makes me very angry,” said Tran. “A lot of people have had their credit ruined by what the bank has done.”. In terms of how she feels about the entire situation, she feels betrayed knowing that she trusted this bank with all her money for 10 long years.

Sources for commentator 3 :

All quotations, information and credit from the above excerpt are taken from this link:


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