Wells Fargo Eliminates Sales Goals After Account Scandal

Shares of Wells Fargo (WFC) - Get Report were down Tuesday on news that the bank is taking action, eliminating all product sales goals for its retail bankers. This comes after Wells was fined $185 million to resolve claims that bank employees opened accounts without customers' approval. CEO John Stumpf says Wells is eliminating product sales goals because it wants to make certain customers have full confidence the retail bankers are focused on the best interests of the customers. It was revealed last week that the bank opened more than 2 million accounts that customers may not have known about. Wells fired 5,300 employees over the improper sales practice.

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