San Francisco, Calif.-based Wells Fargo is completely restructuring how it pays tellers and other bank branch employees after a scandal over its aggressive sales practices.
Employees will no longer get incentives for opening accounts or meeting sales goals. They will instead receive part of their overall salary based on how the products they sell are used. Accounts that are used frequently will help an employee’s pay, while idle accounts will not be a factor.
A component will be based on independently measured customer service scores for branch locations. And employees will receive more of their overall compensation as a base salary, not incentives and bonuses.
The change was considered a priority for the CEO and the head of Wells Fargo’s community bank division, both of whom took those jobs after the scandal emerged.
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- Wells Fargo Facing Disclosure Questions Over ‘Phantom’ Sales Scandal
- First Lawsuit Over Wells Fargo Sales Practices Filed
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