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Wells Fargo Drops Product Sales Goals for Retail Bankers

  • Step taken after CFPB fines bank for creating fake accounts
  • Treasury Secretary Lew says scandal shows need for CFPB
Bloomberg business news

Wells Fargo Fined $185 Million for Phony Accounts

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Wells Fargo & Co. eliminated product sales goals for its consumer bankers as the company seeks to reassure regulators, lawmakers and customers after employees opened more than 2 million accounts without clients’ approval.

“We want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers,” Chief Executive Officer John Stumpf said Tuesday in a statement.