Earlier quoted context omitted.
Matt Levine just shows that Wells Fargo wanted a paper trail showing that they told employees not to do this. The interesting question is, what happened when whistleblowers told them it was happening anyway? Apparently, the answer is that they fired the whistleblowers. That says everything about what Wells Fargo really wanted, as opposed to what they said to cover their asses. Remember, he's an industry insider with…
Explain what exactly Wells Fargo upper management had to gain from the fake cards? They wouldn't generate real money for the company. The people who stand to benefit most are the individual employees. I don't know the banking industry well so maybe there is some way for the company to make money off fake cards but I can't think of one. And because of that, I tend to believe that upper management really did not intend…
And their managers, and their managers' managers, whose income depends on showing good numbers to the nth-managers.