NEW YORK – Wells Fargo will cut product sales goals for retail bankers, nearly a week after the bank was fined $185 million for allegedly illegally opening unauthorized accounts for its customers.
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The fines came from a combination of California and federal regulators who alleged that the practice was being used to meet aggressive sales goals. The Consumer Financial Protection Bureau fined the bank $100 million of the total, marking the largest fine levied against a financial institution by the agency since its creation five years ago. California authorities accounted for the rest.
Wells Fargo will eliminate the sales goals by Jan. 1, according to a statement.
Its shares dropped more than 2 percent in morning trading Tuesday.