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"Raking in" is an exorbitant exaggeration. Wells Fargo made a tiny amount of money when its employees, unbeknownst to higher-ups, stealthily signed customers up for various services in order to collect incentive bonuses Wells Fargo was offering.
This was a story about badly-designed compensation schemes, poor management controls, and stupidly aggressive sales targets, not Wells Fargo deliberately enriching itself at customer expense.
All total, Wells Fargo collected $2.4 million from customers, or about $1 per customer affected. However, it also paid out to the employees who opened the accounts, and then paid $185 million in fines. bloomberg.com/opinion/articl…
Wells Fargo's policies were idiotic, but they were obviously not deliberately criminal. The deliberately criminal behavior came from the 5k+ bank employees who were fired.
Nor is it some big mystery why this happened. Wells Fargo set excessively aggressive targets for cross-selling financial products, and pressured employees to meet them; employees responded by finding an easier way to meet them.
The new case seems like bad software design, again, not some dark mystery. Coding for corner cases is hard!
