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There's no conspiracy here.

Read the full story in the Wall Street Journal to get all the facts straight. This was a case of Bank "mismanaging by the numbers" to generate new business.

Employees were hounded by the bank in order to meet required sales quotas just so they could keep their jobs and get a raise. In many instance, these targets were unrealistic. Since employees were not able to achieve account targets legitimately, hundreds of staff opened 2 million new accounts in customers' names without the customers' knowledge. Customers never even knew they had these accounts as bank staff used fictitious e-mail addresses to hide their activity opening these new accounts.

Staff were fired because they violated bank and customer security measures in the process. As the demand deposit and credit card accounts were never used, they generated little or no fees.

Employees kept their jobs until the unintended consequences of the Bank's bad management goals and tracking system became became apparent. Kind of makes you wonder who's at fault here doesn't it?




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