“Wells Fargo’s fleecing of its customers by opening fraudulent accounts for the purpose of extracting millions in illegal fees demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed” — John Chiang
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John Chiang seems to be strongly criticizing Wells Fargo’s actions that led to the fraudulent account scandal. He argues that by opening accounts without customer consent in order to charge fees, Wells Fargo showed either a failure to properly oversee its employees or a corporate culture that actively encourages greed and profit-seeking at the expense of ethical treatment of customers.
Chiang’s description of the bank “fleecing” and “extracting” money from customers portrays its actions as predatory. Overall, his remarks suggest Wells Fargo’s misconduct demonstrated a lack of principles that put shareholders and executives’ interests ahead of customers it had a responsibility to serve fairly and honestly.