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      <title>Wells Fargo by Sofía Arredondo Alvarado</title>
      <link>https://padlet.com/a01643986/jtl4skl55626dms3</link>
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      <language>en-us</language>
      <pubDate>2023-10-04 18:38:45 UTC</pubDate>
      <lastBuildDate>2023-10-09 18:46:24 UTC</lastBuildDate>
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         <title>What is the impact of the event in the economy?</title>
         <author>a01643986</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734447383</link>
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         <pubDate>2023-10-05 18:43:33 UTC</pubDate>
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         <title>How can affect this kind of events to the people?</title>
         <author>a01643986</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734447735</link>
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         <pubDate>2023-10-05 18:43:50 UTC</pubDate>
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         <title>Wells Fargo: Main Ideas</title>
         <author>a01643986</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734448949</link>
         <description><![CDATA[<div>- Wells Fargo was the golden child when referring to banks in America. It was trustful and had a big amount of customers.<br><br>- Cross-selling was crucial in the Wells Fargo scandal. Cross-selling refers to the amount of products you can sell to the customer. Usually, they would call these products “solutions”, which was a word to emphasize the way they dealt with issues regarding its bank.</div><div><br></div><div>- Constant pressure towards the employees to make the customer open an account at the bank. The minimum required for a day was 8. In festive days, the amount would increase to 16.<br><br></div><div>- Trying to achieve an ethic environment of work between customers and employees was threatened and called insubordination by Human Resources, so employees couldn't do something about the frauds occurring without losing their job.<br><br></div><div>- Accounts were constantly opened for customers, creating multiple accounts for different services only to achieve the certain goal the managers had put upon the employees. This meant a considerable lose of money for the people.&nbsp;<br><br>- The constant frauds made by the employees was deteriorating for them. The damage done to families and to humanity harmed the mental state of multiple workers. Kilian Colin, former personal banker in Wells Fargo narrated his experience while dealing with a customer with AIDS. He explains how the starvation and death of the customer has provoked such emotional distress that now it is required for him to take sleeping medication to consolidate his issues.<br><br>- During 2016; 13,000 bankers and citizens signed a petition to eliminate sales goals and treat customers fairly.<br><br>- Also, in September 2016, 5300 employees were fired from their workplace because of the fraud committed and promoted by the CEO's.</div><div><br>- Wells Fargo stated that: “We only provide to our customers the services that will benefit them”, even though they would constantly create, modify and alternate saving accounts of users.<br><br>- Wells Fargo ended up paying the amount of $185 million to atone for "sales practices". Even though that wasn't even a quarter from what the Bank of America paid, which is estimated to be around 16.65 billion dollars.</div>]]></description>
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         <pubDate>2023-10-05 18:44:35 UTC</pubDate>
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         <title>Do you think it is necessary more regulations to the big companies and banks?</title>
         <author>a01643986</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734449424</link>
         <description><![CDATA[]]></description>
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         <pubDate>2023-10-05 18:44:57 UTC</pubDate>
         <guid>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734449424</guid>
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         <title>References</title>
         <author>a01643986</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734449688</link>
         <description><![CDATA[<div>Adler, J., &amp; Krauss, D.&nbsp; (2020). The Wagon Wheel (Season 2, Episode 1) [TV series episode]. In Gibney, A., O'Hara, M., Offman, S., &amp; Perello, R (Executive Producters). <em>Dirty Money. </em>Jigsaw Productions. <br><br>Egan, M. (2018). <em>The two-year Wells Fargo horror story just won't end.</em> CNN Business. https://money.cnn.com/2018/09/07/news/companies/wells-fargo-scandal-two-years/index.html<br><br>Waters, C. (2022). <em>Here’s what the Wells Fargo cross-selling scandal means for the bank’s growth. </em>CNBC. https://www.cnbc.com/2022/10/19/heres-what-the-wells-fargo-cross-selling-scandal-means-for-the-bank.html<br><br></div>]]></description>
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         <pubDate>2023-10-05 18:45:10 UTC</pubDate>
         <guid>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734449688</guid>
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         <title></title>
         <author>a01642893</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734468672</link>
         <description><![CDATA[<div>This fraud caused distrust on the customers and a most of the people ended up changing of bank company. Causing great losses to Wells Fargo. <br>So this type of events not only affect people trust in big companies, but they also affect directly to their personal savings since the company ends up taking advantage of the customer. Obviously minorities are the ones at most risk like people who doesn't speak the native language, young people and the elderly.</div>]]></description>
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         <pubDate>2023-10-05 18:59:55 UTC</pubDate>
         <guid>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734468672</guid>
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         <title></title>
         <author>a01642893</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734486669</link>
         <description><![CDATA[<div>It is very important for the government to demand and write more strictly regulations for this type of companies promoting an atmosphere and environment of transparency and non-corruption to the society</div>]]></description>
         <enclosure url="" />
         <pubDate>2023-10-05 19:14:30 UTC</pubDate>
         <guid>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2734486669</guid>
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      <item>
         <title></title>
         <author>a01642893</author>
         <link>https://padlet.com/a01643986/jtl4skl55626dms3/wish/2738642524</link>
         <description><![CDATA[<div>It affects people's investment which ends up impacting consumption. Many people invested, but then more fake accounts were opened, creating a fraud and making people think the bank was excellent when it was not.</div>]]></description>
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         <pubDate>2023-10-09 18:46:19 UTC</pubDate>
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