Wells Fargo To Eliminate Product Sales Goals Next Year

Wells Fargo & Co. said Tuesday it will eliminate all product sales goals in its retail banking business starting in 2017, in an effort to regain customer confidence following the recent sales scandal. "The elimination of product sales goals represents another step to reinforce our service culture, helps ensure that nothing gets in the way of our ability to achieve our mission, and is consistent with our commitment to providing a great place to work," said Chief Executive John Stumpf. The Consumer Financial Protection Bureau had announced last week that it was fining Wells Fargo $185 million for illegal sales practices. The stock, which was still inactive in premarket trade, has dropped 11% year to date, while the SPDR Financial ETF has gained 2% and the S&P 500 has advanced 5.6%.