After the scandal erupted over the creation by Wells Fargo employees of more than 2 million bogus bank accounts, for which customers were charged over $2.5 million in unwarranted fees, the bank's CEO claimed that it never wanted the accounts created, that it had fired 5,300 employees who were involved, and that he was "fully committed to ... fix the issue and strengthen our culture."
But here's the problem: What happened at Wells Fargo wasn't about culture. Nor was it about unethical employees, or about one senior executive who oversaw the program that led to these abuses (and walked away with an exit package worth over $100 million). No, this was a case of super-aggressive daily sales goals that were almost impossible to reach and where failure to reach them could lead to firings. As one expert on white-collar crime asserted, "This wouldn't have happened without pressure from the top."