Nearly a dozen current and former employees at large and regional banks such as Bank of America (BAC), Citizens Bank, PNC (PNC), SunTrust (STI), and Fifth Third (FITB) tell CNNMoney that a sales obsession pervades their banks. They say they too are under immense pressure to get customers to open multiple accounts.
They described a focus to push as many different products — think debit cards or new online accounts — as they can, an industry practice known as cross-selling.
“Wells Fargo is not the exception (with its) absurd sales culture,” said one former manager of two large regional banks.
No other major banks have been accused by regulators of widespread opening of phony accounts like Wells Fargo (WFC) has been.
But Thomas Curry, one of the country’s chief banking regulators, said that “banks are under enormous margin pressure. That could be a bad environment.”