Toronto-Dominion Bank (NYSE:TD) is in hot water for allegedly conducting workplace practices that may be unethical.
The Canadian financial institution has come under fire after a report surfaced that the bank’s workers are trained to work in such a manner that helps the company garner as much revenue as possible, despite the fact that employees are not required to work for its customers’ best interest.
In fact, these workers are taught to push customers into a financial plan or repayment option that is not necessarily what will be the most feasible or convenient for them. Instead, workers are put in a tough position as they are asked to make the most money out of a customer.
Some workers talked about this problem, noting that they are given the option of doing what’s best for their family and what will help them keep their job, or do what’s best for the customer.
The results are evident as TD Bank’s revenue goals have more than tripled over the past three years, but at what cost, many ask.
“When I come into work, I have to put my ethics aside and not do what’s right for the customer,” says one teller.
TD shares took quite a hit on the news as they fell 5.2% Friday, the most the stock has declined in a single day since December 2014.