we are all doing it: employees at canadas 5 big banks speak out about pressure to dupe customers -

'we are all doing it': employees at canada's 5 big banks speak out about pressure to dupe customers - white board price

by:ITATOUCH     2020-05-21
\'we are all doing it\': employees at canada\'s 5 big banks speak out about pressure to dupe customers  -  white board price
Employees from all five major banks in Canada tell the public how they feel pressured to market, cheat or even lie to customers to achieve unrealistic sales targets and keep their jobs.
The flood has triggered calls for parliamentary investigations on multiple occasions, although banks claim they are acting in the best interests of their clients.
In nearly 1,000 emails, employees in the RBC, BMO, CIBC, TD and Scotiabank regions of Canada describe the pressure to monitor targets on a weekly, daily and sometimes hourly basis.
"Management has been in your throat," said Saida Scotiabank financial advisor . ".
"They want you to call your number anyway. "Been wronged?
Contacting the public team of Erica and theGo cbc has agreed to protect their identity as workers are concerned about current and future employment.
A rbc teller from Thunder Bay, Ontario
When customers don't need or need anything, we need to upgrade their Visa card, increase their visa limit, or have them open their credit line.
"This is no longer important to our customers," she said . ".
"Banks want more and more money.
It causes everyone to fall into debt.
"I expect to be actively selling products, especially Visa," a spokesman for the CIBC said . "
Whoever cares if it hurts the customer, hit those targets.
"The former BMO employee spoke to a financial services manager who left Calgary BMO two months ago and said he resigned after a big breakfast
There was a panic attack in his branch manager's office, and she threatened that she would kill his banking career because he did not meet sales targets.
"It's like the only thing they care about in BMO," he said . ".
"If you don't sell, you won't be worth a visit.
"He claims that his manager once told him not to tell customers who want to invest more than $40,000 that the market is falling, because putting their money into GICs will not bring that much sales revenue to the branch.
He said she also told him to attach high interest rates to mortgages and credit lines, and not to tell customers that these rates are negotiable.
He said he was "forced to lie and cheat customers" but refused to do so.
After more than 1,000 emails went public last week, disclosures about other banks surged
TD's front-line employees are under pressure to sell customers products and services that they may not need, and some of them violate the law to meet their sales revenue targets.
Experts say the stories have prompted the bank's share price to fall the most since the financial market downturn in 2009.
They also caused TD employees to receive hundreds of emails in the past and now, including a teller who recently stopped working at Ont Bramalea.
Who said to meet the requirements of Forever
I don't think it's a bank, it's a flea market.
He admitted that his behavior was immoral because he was worried that he would be fired.
"I added credit cards, overdrafts, or account types just because of pressure. "An Ontario-
The TD Insurance agent wrote: "We were told directly to tell false stories (lie)
Sell products.
A financial adviser to Royal Bank of Canada told the public that "we are all doing this . "
"Many bank employees describe the stress strategy that managers are trying to increase sales.
RBC certified financial planner in Guelph, Ontario.
She said she would be threatened by layoffs and unemployment if she did not add enough customers.
"Managers despise you," she said . "
"We receive emails every week highlighting people who do not meet these sales targets. It's bullying.
Employees at Calgary's severalRBC branch said that whiteboards were posted in the staff room to list which financial advisors had met their sales targets and which consultants had a shortage.
The Toronto Scotiabank branch also reported similar whiteboard results.
"The whole team can see who let them down.
A financial adviser to the Bank of Scotland told listing that she would retire early, saying: "It's a shame because the environment doesn't fit me . ".
"Some employees of the five major banks have stressed that their expectations of achieving sales targets put pressure on them and they are taking sick leave.
Others say they must resign.
They commented on their work, resulting in "insomnia", "nausea", "anxiety" and "depression ".
"A cibc Small Business Association resigned in January after nine years of work, and she said that when she was pregnant, her regional branch manager was not satisfied with her sales results.
"She walked into my office and decided to harass me.
I entered a complete
Panic attacks.
She said the worst part of her job was having young families in the office and they agreed to re-
Because the debt mortgaged their house.
"We told them that we were helping them, but we were actually expanding credit so that the vicious circle would happen. . .
"Continue, we will be selling," she said . ".
Employees of TD Bank admitted that they had violated the law. The teller said the customer paid the price for the bank's "unrealistic" sales target. After the CBC story4 money, TD Bank shares hit 2009.
When working in Waterloo, Ontario, you should check your bank bill.
Her manager also instructed staff to tell all new international students who wanted to open a check account that they had to open a "student package" which also included a savings account, credit card and overdraft, she said.
"It's unfair, it's not the law, but we're told to do it for all of them.
"The big banks refused to accept an interview request to publicly ask for an interview with the ceo of the five major banks --
BMO, CIBC, RBC, Scotiabank and TD-
But they refused.
Instead, they issued a statement saying basically that the bank's conduct is in the best interests of the customer and that employees should comply with the code of conduct.
Read the statement of the top five banks in Canada that did not solve the problem
Pressure on sales strategy.
Financial critic Alexander Burris has called on parliament to investigate Bank of Canada's sales practices.
"We want banks to be honest with our customers. . .
"Now we understand that these employees are under considerable pressure to sell, sell to increase bank profits," he said . ".
"This is too greedy.
This is unacceptable.
"Stan Buel, founder of the small investor protection association, agreed that it is time for the federal government to act.
"We have a culture that exists in greed, lying, and cheating people, and it won't end soon," he said . ".
A spokesman for Finance Minister Bill mono said the minister could not be interviewed, but mono issued a statement saying that "it is expected that all financial institutions in Canada will comply with the highest standards in terms of consumer protection obligations.
"The shareholder representative Allan Best said that after the stock price fell last week, he was not only concerned about the bank's profits, he told Go Public," My position is, employees are our most important asset and we have to do what we can to keep them in good mental and physical condition.
"Emails received from bank employees publicly indicate that sales targets have not only increased significantly in recent years, but there is also a lot of pressure to achieve them.
"I want the world to know how much pressure we are under every day," Ontario's RBC Teller wrote . ".
"We reached our goal and they started again the next week.
It's out of control.
"Submitting your story ideasGo public is the investigative news section of onCBC --
Television, radio and Internet.
We will tell your story and hold you accountable.
We want to hear people from all over the country tell stories they want to make public.
Submit your story ideas in public.
Follow @ CBCGoPubliconTwitter.
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