Berkshire Hathaway Inc.

Wells Fargo drops product sales goals for retail bankers

Wells Fargo drops product sales goals for retail bankers

Wells Fargo & Co. eliminated product sales goals for its consumer bankers as the company seeks to reassure regulators, lawmakers and customers after employees opened 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.

Stumpf, 62, was asked to testify in Washington on the bank's alleged misconduct after it agreed to pay $185 million in fines over claims that it opened more than 2 million unauthorized accounts. The elimination of the sales goals, effective Jan. 1, follows...

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