Fallout from the fake-accounts scandal continues for Wells Fargo & Co., this time in the form of a lawsuit by three former branch managers.
A $185 million fine in September drew widespread attention to the emphasis Wells Fargo Bank NA had placed on employees' sales goals and the tactic some workers used to hit targets. More than 5,000 workers were fired in connection with the practice of opening accounts in customers' names, without authorization. Since then, the company has been under the political spotlight, resulting in lost business and a number of lawsuits.
The plaintiffs claim Lefky Mansi, a Los Angeles area president, and Shabnam Ebrahimi, a district manager, explicitly told employees to "make up a business need" to gain access to accounts, Bloomberg News reported Dec. 8, citing court documents. Mansi also allegedly ordered that those who refused to open fake accounts be taught the "Wells Fargo way." A Wells spokesperson said Mansi is no longer with the company.
The plaintiffs' lawyer told Bloomberg it is possible more defendants will be named, including regional managers and bank executives.