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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 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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Wells Fargo overhauls pay plan for bank branch employees

Wells Fargo overhauls pay plan for bank branch employees*/

– NEW YORK (AP) — Wells Fargo announced a complete restructuring Tuesday of how it pays tellers and other bank branch employees, with incentives now tied to how often customers use their accounts, as the company tries to right itself after a scandal over its aggressive sales practices.The long-anticipated plan has been considered a high priority for CEO Tim Sloan and Mary Mack, the head of Wells Fargo’s community bank division — both of whom took those jobs after the scandal emerged.Wells Fargo had already announced in September that it was getting rid of the sales goals that led employees to open up to 2 million unauthorized accounts.
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Wells Fargo stock has fallen 1.32% to $52.41 picture-12448-310x165

Wells Fargo stock has fallen 1.32% to $52.41

Warren Buffett’s Berkshire Hathaway (BRKA) sold a portion of its stake in Wells Fargo yesterday. …