Wells Fargo Employees Target Latinos for Bogus Accounts

The transcript discusses a scandal involving the creation of bogus accounts by employees to meet aggressive sales goals. Latino immigrants were targeted due to their lack of Social Security numbers, using consular cards as ID. This practice undermines efforts by federal regulators to integrate the Latino community into traditional banking, as it re-victimizes those the banks aimed to help.

Who was newly appointed as CEO during the conference call?

• Tim Sloan

• Jeff Green

• John Stumpf

• Cartagena Rota

What was the primary reason employees created fake accounts?

• To increase bank security

• To meet aggressive sales goals

• To reduce operational costs

• To improve customer service

Why were Latino immigrants targeted for bogus accounts?

• They had high credit scores

• They frequently visited the bank

• They were new to the country

• They often lacked Social Security numbers

What type of identification was used to create fake accounts for Latino immigrants?

• Birth certificates

• Passports

• Driver's licenses

• Consular cards

What was the irony in Wells Fargo's role in the scandal?

• They were known for high interest rates

• They initially aimed to help the Latino community

• They had no previous scandals

• They were a small bank