The OCC does not plan to publish a report on its review of bank sales tactics, meaning the scale of the troubles remain a mystery. Related: Wells Fargo altered documents about business clients 'We only act on what a customer wants to pursue,' PNC said.Ĭitigroup ( C), US Bank and Bank of America declined to comment.

The OCC also regulates federal branches of foreign banks.Ī PNC spokesperson said the bank regularly trains employees to have 'thoughtful discussions' with customers about financial products. The agency supervises all national banks, including major lenders such as JPMorgan Chase ( JPM), Citigroup ( C), Bank of America, US Bank ( USB)and PNC. The OCC said it completed its review in late 2017 and letters to participating banks were sent earlier this year. This is an industry-wide problem,' one former banker at a regional lender told CNNMoney. They described immense pressure to get customers to open multiple accounts.

Nearly a dozen current and former employees at large and regional banks such as Bank of America ( BAC), Citizens Bank ( CFG), PNC ( PNC) and SunTrust ( STI) told CNNMoney in September 2016 that a sales obsession pervaded their banks too. Some Wells Fargo bankers impersonated their customers and used false email addresses like according to a 2015 lawsuit filed by the city of Los Angeles.īut even then there were signs Wells Fargo wasn't alone. It quickly emerged that wildly unrealistic sales goals and unrelenting pressure from management led employees to open accounts for customers who didn't want or need them. Wells Fargo ( WFC) sent shockwaves through the industry in September 2016 when it admitted to firing 5,300 workers for opening millions of fake accounts.

Related: Wells Fargo is selling all its branches in 3 Midwestern states The OCC declined to comment beyond its statement. 'It's certainly troubling that this appears to be more widespread than one bank,' said John Sedunov, a finance professor at Villanova.Ī PwC consultant briefed on the findings told the American Banker that the review led the OCC to issue 252 alerts to banks about matters that required attention as well as five industry-wide problems to be fixed. However, the OCC said the review did not uncover 'systemic issues with bank employees opening accounts without the customer's consent.'īanks that were found to have problems 'have already taken - or are in the process of' taking corrective actions such as closing accounts, refunding customers and fixing credit bureau information, the OCC said.

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