Research

Promoting Economic Inequality at Six MegaBanks

This report by the Committee for Better Banks examines the jobs priorities of the commercial and investment banks in the U.S. – Bank of America, Citigroup, JP Morgan Chase, and Wells Fargo – plus two, Goldman Sachs and Morgan Stanley that are solely investment banks. Combined, these six banks employ over one million workers in the United States of America.

The Wheels are Still Off at Wells Fargo

For thousands of front-line employees, Wells Fargo has not fixed its culture of fear and intimidation.

Cashing Out: How Bank Workers are Faring Almost Two Years After the 2016 Fraudulent Sales Scandals

Since the Wells Fargo fraudulent account scandal erupted in September 2016, bank workers and consumer advocates have called for new policies that address aggressive sales goals and incentive payment for front-line bank workers to avoid similar scandals and unethical behavior. At that time, we spoke to several dozen front-line bank workers to learn about the dangers of these practices to their customers and themselves, and we argued that to effectively curtail predatory practices workers’ experiences and inputs needed to be taken seriously. Instead, the chief federal body charged with overseeing this industry and protecting customers has dramatically limited its oversight responsibilities and congressional leaders have worked to dismantle legislation designed to prevent another bank-led financial crisis like that of 2008.PDF iconcashing_out_report.pdf

Report Of The Los Angeles Community Review Board On Responsible Banking

One year ago, the Los Angeles City Attorney’s office and federal regulators imposed a record- breaking fine on Wells Fargo for illegally opening millions of fake accounts. Local bank workers, who are part of the Committee for Better Banks, spoke out to spur the initial investigations and continue to expose irresponsible banking practices at Wells and other banks. In just the past several weeks, Wells Fargo admitted it opened a total of 3.4 million bogus accounts and was cited for charging millions of customers for auto insurance they didn’t seek. At the same, Banco Santander has come under fire for fueling a crisis in subprime auto lending in California and other states across the country.PDF iconla-community-review-board-report-on-responsible-banking.pdf

Wheeling and Dealing Misfortune: How Santander’s High Pressure Tactics Hurt Workers and Auto Loan Customers

A decade after the mortgage crisis financial companies continue to extend risky loans at high interest rates, bundling those loans into securities to sell to eager Wall Street investors, and booking big profits and revenues. This is today’s subprime auto lending business and regulators and attorneys general in multiple states are taking note. The industry is worth more than $26 billion and growing fast, and it poses a threat to low-income consumers who need transportation to remain in the labor market. Its aggressive lending and collections practices have the potential to impact the economic well-being of millions of families.PDF iconwheeling-and-dealing-final1.pdf

Denied: An assessment of Racial and Economic Disparities in Santander Bank's Mortgage Lending

Santander Bank – one of the world’s largest banks – has invested billions of dollars in the past eight years in building a massive U.S. fleet; as part of this expansion, its U.S. mortgage lending operations have brought in over $560 million in the last five years, and Santander’s fee income increased to $1.2 billion last year. Yet, analysis of the bank’s Home Mortgage Lending Act data reported each year to federal regulators reveals a disturbing pattern of racial and economic discrimination in Santander’s home mortgage lending.PDF icondenied-santander-3.15.17-revised1.pdf

Banking On The Hard Sell

Big banks bailed out by U.S. taxpayers continue to aggressively push high interest credit cards and other unnecessary financial products on customers, according to a new report by the National Employment Law Project (NELP). Analysis of industry data, class action lawsuits and interviews with dozens of frontline bank workers reveal the unscrupulous tactics that Wells Fargo and other major U.S. banks are using to force predatory products onto customers.PDF iconnelp-report-banking-on-the-hard-sell.pdf

Big BankS And The Dismantling Of the Middle Class

The finance industry now dominates the U.S. and global economy, generating one-third of total corporate profits in the United States. But rather than serving communities and reforming the practices that led to the Great Recession, the country’s top ten banks take in approximately $100 billion in annual profits, reward executives with exorbitant bonuses, and engage in unethical and sometimes illegal practices that keep the very taxpayers who bailed them out from getting ahead.PDF iconcbbreportonmiddleclass.pdf

State of the Bank Employee On Wall Street

The Committee for Better Banks commissioned this report in order to begin to assess the quality of jobs within the banking industry and the state of the bank workplace from the perspective of retail, administrative, frontline and back office bank workers.PDF iconbank-worker-campaign-report-1.pdf

Banking: The Human Crisis

Many banks and insurance companies have returned to profit in 2013. Large banks in particular are making vast profits, with senior employees paid more than 100 times the lowest paid employees. Meanwhile workers continue to lose their jobs or have great pressure and stress placed upon them through the pressure to sell.