Wells Fargo drops sales goals tied to bogus account scandal
NEW YORK (CNNMoney) — Wells Fargo will stop setting the sales goals that employees say led to pressure to open millions of fake customer accounts.
The embattled bank says the change, announced early Tuesday, will be effective Jan. 1.
“We are eliminating product sales goals because we want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers,” said CEO John Stumpf.
The bank last week agreed to pay a $185 million fine and refund $5 million in fees wrongly charged to customers. It also fired 5,300 employees who had opened false accounts to meet the sales goals.
Employees told CNNMoney they were under pressure to meet unrealistic goals or lose their jobs.