Bank of America

Wells Fargo overhauls pay plan for branch employees following fake-accounts scandal

Wells Fargo overhauls pay plan for branch employees following fake-accounts scandal

Wells Fargo & Co. will change how it pays tellers and other bank workers, announcing on Tuesday a long-anticipated overhaul of the incentive-compensation system that was at the root of the bank’s fake-accounts scandal.

The bank for years used sales goals to push workers to open more accounts — checking, savings, credit cards — for customers. Trying to meet those goals, thousands of workers over the last several years opened as many as 2 million accounts without customers’ knowledge or approval, according to local and federal regulators, who fined the bank $185 million last year over those practices.

The San Francisco banking giant said the new incentive...

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