NEW YORK (TheStreet) -- Some Wells Fargo (WFC) - Get Report employees targeted Latino immigrants in the recently disclosed accounts scandal, sources told Bloomberg News' Laura Keller, Jeff Green and Kartikay Mehrotra in a report published earlier today.
Keller joined BloombergTV's "Bloomberg Markets: America" on Wednesday afternoon to explain the findings in more detail.
Employees at Wells Fargo opened millions of fake accounts for existing customers because they were desperate to meet sales goals at the bank, sources told Keller. Latino immigrants turned out to be "the perfect victim" for those fake accounts.
"They found that it was easier to create a bogus account for somebody that didn't need a social security number," she explained. Instead, the immigrants used consular ID cards.
Latino immigrants couldn't speak out against the illegal practices because of the language barrier.
"Employees knew that by targeting these particular customers, they would not get caught as easliy as with some other customers," she explained.
This news comes as the federal government and banks like Wells Fargo have been making a push to get the Latino community into the traditional banking sector, BloombergTV's David Gura noted.
"It's really ironic to have a bank that set out to help that customer in the end re-victimizing them," Keller said in response.
Shares of Wells Fargo were higher in late afternoon trading on Wednesday.
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TheStreet Ratings team rates Wells Fargo as a Buy with a ratings score of B. This is driven by a few notable strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.
You can view the full analysis from the report here: WFC