Wells Fargo's aggressive sales culture is more than a potential target for regulators — it also puts the bank at risk for large-scale customer defections, says a new study of consumer attitudes at the 10 largest banks.
The study's overall results raise concerns for a number of banks, which are taking pronounced steps in an era of thin margins — like heavy cost cuts and emphasis on fee-generating businesses — that customers say annoy them. But the Wells findings command attention because many of its rivals are trying to replicate its cross-selling success even as its practices have drawn increased public scrutiny of late.
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