The bank faced significant Reputation Risk following a 2016 revelation.
Employees had secretly opened over two million
deposit and credit accounts without customers’ consent.
They often transferred funds from existing accounts to fund
these new accounts and racked up fees in the process.
This practice was driven by aggressive sales targets and incentives,
leading to widespread fraud and customer exploitation.
The fallout led to significant leadership changes ad prompted
the bank to overhaul its sales practices and internal controls.