As the chief executive of Wells Fargo & Co. gets set to tell lawmakers that the bank is moving past its history of consumer abuses, a new report contends the embattled San Francisco financial institution is backsliding.
were first reported by the Los Angeles Times in 2013 and were attributed to onerous sales goals. In 2016, the bank acknowledged that its employees had opened millions of checking, savings and credit card accounts that customers never authorized.until it could show it had improved its corporate governance.In 2017, the bank said it wasthat was at the root of the unauthorized-accounts scandal.
The report, citing interviews with tellers and call center workers, along with bank documents, says that the incentives and assessments in the retail banking division are geared toward how well they hand off customers to other employees whose bonuses are tied to increasing loan volumes and customer activity.
Meanwhile, the maximum bonus for “customer experience” this year is $875, or 10% of total incentive compensation, Weiner said. That is down from a maximum of $1,425, or 27% of total incentive compensation in 2017.
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