Wells Fargo (WFC) to Eliminate Bankers' Product Sales Goals

September 13, 2016 7:01 AM EDT

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Wells Fargo & Company (NYSE: WFC), announced that it will eliminate all product sales goals in retail banking, effective January 1, 2017.

“Our objective has always been and continues to be to meet our customers’ financial needs and drive customer satisfaction,” said CEO John Stumpf. “We are eliminating product sales goals because we want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers.”

“We believe this decision is both good for our customers and good for our business. The key to our success is the lifelong relationships that result from providing each customer with great value. For the past several years, we have significantly strengthened our training programs, controls and oversight and have evolved our model to ensure we are rewarding deeper relationships and providing excellent customer service. 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,” concluded Stumpf.



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