NEW YORK (TheStreet) -- Wells Fargo's (WFC) sales practices are now being investigated by the SEC according to a filing the bank issued on Thursday. The list of federal and state agencies looking into the company has been growing ever since it was disclosed in September that the company's employees opened at least two million accounts in customers' names without their permission. Employees said they were pushed to do so in order to meet Wells Fargo's aggressive sales goals.
As a results of the phony accounts scandal more than 5,000 Wells Fargo employees were let go. However, company executives thrived thanks to its sales culture, Bloomberg reports.
Bloomberg News' Laura Keller appeared on this morning's "Bloomberg Markets: America's" to discuss what she discovered about this from her interview with several current and former Wells Fargo employees.
In speaking with employees, Keller and her team found that over time there was a "generation of managers" that were being promoted across the bank and given better positions in different parts of the country, while employees under them were opening up bogus accounts.
These managers were being held as the standard to which other employees should strive to reach. Specifically, these top performing managers were spreading out from Southern California and were the "focal point" of the misconduct and helped to spread the culture that "lionized boosting sales," Keller and the others said in the report on Bloomberg.com.