Wells Fargo Sales Push Extended to Wealth Unit, Ex-Workers Say
- Pay structure said to place lender’s interests over clients’
- Disclosures come amid multiple probes of bank’s retail unit
Photographer: Christopher Dilts/Bloomberg
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Credit card and savings customers may not be the only ones who were misled by Wells Fargo & Co.
Some clients of the bank’s wealth-management division were steered into investments that maximized revenue for the bank and compensation for its employees, according to several people familiar with the unit and documents reviewed by Bloomberg. Those investments weren’t always in the best interests of clients, the people said. They included estates, trusts and loans, according to one of the people and the documents.