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Last week, US bank giant Wells Fargo was fined 100 million dollars by the Consumer Financial Protection Bureau (CFPB) for illegally opening secret unauthorized deposit and credit card accounts. Employees transferred funds from consumers authorized accounts in order to meet intense sales targets and compensation incentives.

Actually this is not a coincidence, but the result of a Campaign carried out by CWA and Committee for Better Bank in US during the last 3 years.

Since 2013, Bank works have issued two reports - the first in 2013 showed that a third of tellers are on public assistance. Last June, National Employment Law Project issues report on sales goals and the predatory impact it has on communities and workers. Bank workers brief the congress telling stories of having to open accounts, push credit cards, losing sleep and health because of impossibly sales goals.

They meet with members of House and Senate staff to explain how sales goals are hurting our communities and our economy. Four of the five Senators visited during this process calling for investigations and hearings on Wells Fargo sales goals.

In 2015, Committee for Better Bank also started a petition to put an end on Wells Fargo unreasonable sales target and over 11.000 signatures were delivered to bank, in early 2014. As part of the campaign, tellers took over the lobby of Wells Fargo branches in Minneapolis and Los Angeles, as well as they attend the shareholders meetings delivering same petition.

In the aftermath of the scandal, Wells Fargo have announced that they will be removing sales targets in order to make sure that their employees are focused on the best interests of customers.

 “It’s imperative to have worker’s representatives on the company board, which will allow us to know about bad behaviors early on,” said Angelo Di Cristo, Head of UNI Finance. “In order to build sustainability in the finance sector, we need a concerted effort from the company, customers and workers providing a clear picture of what kind of institution they are dealing with.”

“Sales targets and performance related programs based on bonus payments can be dangerous for workers’ mental health. It can lead to bad bank practices as workers are forced to meet exorbitant goals. Financial incentive programmes can be harmful, and we are happy to see that they have taken action to eliminate product sales goals.”

In order to address the complexity of financial products, UNI Finance advocates for a transparent, reasonable and well-determined system that could elaborate products as well as set prices correctly.

UNI Finance is also pushing to implement a whistle blowing procedures in institutions, creating an early outlet for high risk situations. “To create a decent and sustainable finance sector, it is fundamental to have a system in place to defend workers. Workers should not be intimidated and scared of standing up against a systemic risk situation and illegal conduct.”

“The Bank workers in US show to all of us that is totally possible to change the current reality and the build a sustainable finance” - concluded Angelo.