Opinion: Fines against Wells Fargo won’t eliminate their shady banking practices

To the editor: Your article describes efforts to investigate Wells Fargo for predatory practices. This latest fine against Wells Fargo highlights industry-wide practices that have resulted in billions of dollars in fines in recent years.

But, as a banker focusing on low-income communities, I don’t believe these fines are eliminating unwanted behaviors.

( “Wells Fargo to bar sales goals,” Sept. 13 and “U.S. probing Wells Fargo sales tactics,” Sept. 15)

Real penalties — suspension of business line licenses and holding top executives to equivalent consequences for aggressive sales cultures as front line staff and supervisors bear for the logical outcomes — are essential for real reform.

Kat Taylor, Oakland

The writer is CoFounder and CoCEO of Beneficial State Bank

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To the editor: It was interesting to see Wells Fargo’s top management blaming the lower echelons in the company for the unsolicited accounts. They are supposed to be managing the company, not complaining. I hope the government steps on them (the top management of Wells Fargo) hard over this.

Virginia Prcic, Westlake Village

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To the editor: So 5,300 employees are fired for improperly setting up as many as 2 million accounts over a multi-year period and no one in management at Wells Fargo knew this was going on? And I have a bridge in Brooklyn I’d like to sell you.

Bob Harbicht, Arcadia

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