Time to unionize customer-facing bankers
Have you heard of the most recent outrage committed by a bank? Wells Fargo just got fined a total of $185 million for corrupt practices involving the accounts of depositors.
Specifically, a bunch of depositors were given accounts they didn’t sign up for, and then charged for via fees. Wells Fargo claims they have fired 5,300 low-level workers over the past five years for doing stuff like this.
But as many have pointed out, including Naked Capitalism, this is really not about low-level workers. It’s about ridiculous and unattainable sales quotas imposed on bankers, and then a complete disregard for the knock-on effects of those stupid quotas.
The fact that so much fraud went on so widely means that either the top dogs knew about it and didn’t care (I’m voting for this – after all the high pressure sales tactics were probably profitable overall even with this $185 fine) or that they had entirely insufficient controls and didn’t know about it. Either way they’re idiots, and it’s outrageous that only the underlings were fired, and not the management. For that matter the person who came up with rigid sales quotas without thinking for five minutes about what would happen next needs to get canned.
Oh wait, I just remembered: the lowest paid bank workers, who really work for very little money under tremendous pressure, have very little power. It’s time they form a union. This is not a new idea, but it’s never been more obvious.