Lest anyone take issue with me picking on Galen (and why would they? it is him and his many companies that are (a) pressuring employees to engage in unethical practices and (b) engaging and promoting cartel-like price gouging), let me assure you that I treat all unethical business practices with the same disdain. Once again, the banks are behaving in an unethical manner.
First, from the Robbers Bank of Canada
RBC employee suffering burnout, anxiety and depression loses disability claim
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Just a few years ago, the Royal Bank financial planner won performance awards for bringing so much business into his branch in Quebec. But earlier this year, he says, the pressure of hitting sales targets — compounded by the death of a family member and a break-in at home — became too much.
He says he couldn't eat, couldn't sleep for more than a few hours a night and felt constantly stressed, anxious and exhausted. Even getting out of bed was a chore. All of it affected his work. "It was harder and harder every day," he told Go Public. "It was difficult to focus and I would forget things for clients, or appointments."
CBC News is not revealing his identity, as he fears professional repercussions.
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After Go Public contacted RBC, the bank sent its employee another letter saying it is reviewing new information, so his termination is on hold.
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Toronto Domination Bank is also a naughty boy.
'I will do anything I can to make my goal': TD teller says customers pay price for 'unrealistic' sales targets
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Bank employees say their jobs depend on upselling customers for products that can put them into debt.
Three TD Bank Group employees are speaking out about what they say is "incredible pressure" to squeeze profits from customers by signing them up for products and services they don't need. The longtime employees say their jobs have become similar to that of the stereotypical used car salesman, as they're pushed to upsell customers to reach rising sales revenue targets. They say there has always been a sales component to the job, but the demand to meet "unrealistic" quarterly goals has intensified in recent years as profits from low interest rates have dropped and banks became required — after the financial meltdown of 2008 — to keep more capital on hand to protect against a downturn in the market.
"I'm in survival mode now," says a teller who has worked at TD for more than 15 years, "because it's a choice between keeping my job and feeding my family … or doing what's right for the customer."
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The employees' allegations come amid reports last week of record profits for Canadian banks.
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'A pretty greedy time' as profits soar for Canadian banks: Don Pittis
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The profits announced by Canada's banks over the last week have been nothing less than astounding.
Whether the banks can keep on doing well matters to all Canadians, but are they being greedy? Yesterday the Bank of Montreal said it had made about $1.5 billion in three months. That may be hard to put in context until you hear that it is an increase in profit of nearly 40 per cent from the same period last year and dramatically higher than stock watchers had been expecting.
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