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Wells Fargo to eliminate product sales goals in wake of scandal

14 September 2016  |  2433 views  |  2 Source: Wells Fargo

Wells Fargo & Company (NYSE:WFC), announced today that it will eliminate all product sales goals in retail banking, effective January 1, 2017.

“Our objective has always been and continues to be to meet our customers’ financial needs and drive customer satisfaction,” said CEO John Stumpf. “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.”

“We believe this decision is both good for our customers and good for our business. The key to our success is the lifelong relationships that result from providing each customer with great value. For the past several years, we have significantly strengthened our training programs, controls and oversight and have evolved our model to ensure we are rewarding deeper relationships and providing excellent customer service. The elimination of product sales goals represents another step to reinforce our service culture, helps ensure that nothing gets in the way of our ability to achieve our mission, and is consistent with our commitment to providing a great place to work,” concluded Stumpf.

Comments: (2)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 14 September, 2016, 19:27

This is a classical case of the pendulum swinging to the other extreme after a crisis. There's no way a for-profit company can go without sales targets for too long. I predict that targets will be reinstated in a disguised form in a quarter or two. I don't know a single CEO who will be agreeable to answer to the Board and Wall Street without asking questions about the performance of the sales team!

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A Finextra member
A Finextra member | 20 September, 2016, 22:35

I saw the CEO of Wells "beheaded" as he was drilled by U.S. Senators. Elizebeth Warning got it right. Sen. Elizabeth Warren says Wells Fargo’s CEO should be criminally investigated by the Justice Department and securities regulators over allegations that bank employees opened accounts without customer permission to meet sales quotas. Wells fired 5,500 employees but no one in senior management got the ax. The head consumer banking retired and walked out with over $100 million. She is also entitled to recieve her bonus for 2016. What's wrong with this picture. Little people get nailed; while, the rich get richer.

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