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Wells Fargo to roll out new pay plan

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Wells Fargo to roll out new pay plan

Wells Fargo to roll out new pay plan*/

– Wells Fargo & Co. is planning to roll out a new retail-banking compensation structure next week in an attempt to fix what many believe was one cause of its sales-tactics scandal, people familiar with the matter said.San Francisco-based Wells Fargo is in the process of completing the final parts of the new plan, which will focus on customer service, customer usage and growth in primary balances, some of these people said.Before the scandal, which became public in September, retail bank employees had to meet lofty sales goals, which included selling eight banking products per household.
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Wells Fargo preparing new pay plan in wake of fake account scandal

Wells Fargo preparing new pay plan in wake of fake account scandal*/

– Last year, in the wake of a massive scandal over fake accounts, Wells Fargo said that it planned to change its employee compensation plan, de-emphasizing the sales goals that led to 5,000 of the bank’s former employees opened as many as 2 million credit card and bank accounts without authorization in order to get sales bonuses.When Wells Fargo made that announcement in September, the details on the changes were scarce, but a new report from the Wall Street Journal states that the bank is ready to roll out on its new comp plan, one without sales goals.Here’s the Wall Street Journal with details:San Francisco-based Wells Fargo is in the process of completing the final parts of the new plan, which will focus on customer service, customer usage and growth in primary balances, some of these people said.
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Wells Fargo Advisors to pay $35.5 million to settle race discrimination claims

Wells Fargo Advisors to pay $35.5 million to settle race discrimination claims*/

– Bizspace Spotlight Sponsor Listing Property Spotlight: This New Fenton Site is a GasEnlarge Wells FargoWells Fargo Advisors, the St. Louis-based brokerage arm of Wells Fargo & Co., has agreed to pay $35.5 million to settle claims by a group of African-American financial advisers that it discriminated against them due to their race.The lead plaintiff, Lance Slaughter, is based in the Washington, D.C., area and has been affiliated with the brokerage and its predecessor Wachovia Securities since 2005, according to Investment News.He filed his claim in September 2013.
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