However, implementing this strategy with incentive payments resulted in as many as 2m phony fee-generating bank accounts and credit cards, created without customers’ knowledge. This disclosure has wiped $23bn off its Wells Fargo's stock valuation.
At an investor conference, Wells Fargo chief Tim Sloan re-committed to the practice:
“There’s nothing wrong with cross sell done right.”
To do it right, he has to come up with a way to verify that the accounts are real.