“We Are All Doing It”: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales

Several days after shares of Canada’s TD Bank tumbled following reports that its employees were engaging in practices similar to those which led to a major scandal at Wells Fargo, which cost CEO John Stumpf his job and led to bonus clawbacks and numerous terminations over the practice of “cross-selling”, employees from all five of Canada’s big banks have flooded CBC’s “Go Public” whistleblower hotline with stories of how they too feel pressured to upsell, trick and even lie to customers to meet unrealistic sales targets and keep their jobs.

In nearly 1,000 emails, employees from RBC, BMO, CIBC, TD and Scotiabank locations across Canada describe the pressures to hit targets that are monitored weekly, daily and in some cases hourly. “Management is down your throat all the time,” said a Scotiabank financial adviser. “They want you to hit your numbers and it doesn’t matter how.”

  • The Butterfly

    Unfortunately this story has CBC bullshit written all over it.

    • deplorabledave

      That being said, I don’t expect a bank to give me a fair shake.

  • Sunshine

    My mom’s bank got her to open a CELI account for her old age retirement. On the teller’s advice, she put $5,000. My mom was 86 years old.

    • shasta

      Unless she needs the money for expenses or purchases I don’t see the problem. Most of those plans have higher interest rates than regular accounts, and there are no withdrawal penalties. My 95 year old mom puts in the maximum every year so far; she would rather her grand kids get a few extra bucks than the government.

  • Drunk_by_Noon

    A lot of people should have gone to jail over the Wells Fargo organized and coordinated looting of their own depositor’s accounts.
    If I were in charge of regulating consumer banking I would make the mandatory up-selling of financial products flat-out illegal.
    Management sees this as an easy win by forcing their employees to do their dirty work for them while they are insulated from any direct wrongdoing while their employees who are FORCED into unethical behavior (at threat of losing their jobs).
    Most retail banking employees are utterly disposable, and everyone in the industry knows it.

    • dance…dancetotheradio

      Wasn’t the problem with Wells Fargo unauthorized churning of accounts?
      Succumbing to banking employees upselling is still a case of caveat emptor.
      It’s like buying those extended warranties at Best Buy.

      • Frances

        Especially the ones using the Geek Squad.

  • David Murrell

    What is interesting is that TD Bank has had a lot of Liberals running it: former CEO Ed Clark, former chief economist Don Drummond, current VP Frank McKenna. And CBC News is a pro-Liberal mouthpiece. So nothing like seeing big-L Liberals eating their own

  • Gary

    Myself and a co-worker suffered from a huge stress level at our jobs while working for the Financial investment sector for 1 of the big 5 Charter banks .
    I had a burn-out while they had a heart attack even when the Department went partially Automated to cuts costs. We both witnessed transactions that would have qualified as illegal by the U.S. SEC and OSC , but the bank had a catch-22 Whistle-blower policy where they investigate them self and can fire you if they don’t find any rules being broken and corrupt managers.
    We also knew that the Bank had a huge pool of money for Lawyers to show up a a OSC hearing from they RCMP Charges for theft of client funds where we would be blamed because we didn’t report it the first time we saw it. This tactic got a female clerk in a US Broker several years in Prison because the wealthy bosses gave the clerk the Purchase orders to Trade stocks illegally which made millions , but the Judge in the Trial agree with the defendants Lawyer$ that the female Clerk should have known the rules which would have stopped the illegal trades at the first case.
    Yes folks , she allowed them to commit crimes by not stopping them .

    We also were expected to make a big Donation to a Charity for the Bank to look good over how many employees support the cause. The Bonus period for performance was 1 month after the Charity Donation.

    I know how they feel but the Governments at all levels have a huge block of Votes and Donation$ from the 5 Big bank while many have their Property Mortgages with the same corrupt banks . We were told how to vote , plus we had unpaid over-time
    and expected to work though Lunch to eat at our desk .
    Perceived malcontent’s know that they can be shown the door is they don”t like.
    Wynne controls the OPP and that’s why she’s not in jail with McLiar over the near $5,000,000,000.00 in scandals an election fraud.