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September 14, 2016

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Wells Fargo to cut product sales goals

WELLS Fargo & Co, the largest US bank by market capitalization, said yesterday it would eliminate all product sales goals in retail banking, starting next year.

The move comes days after the Consumer Financial Protection Bureau and two other regulators fined the bank US$185 million over abusive sales practices.

The bank paid another US$5 million to customers for creating more than two million fake accounts for products like credit and debit cards to meet aggressive sales targets.

Customers should know that Wells Fargo retail bankers are always focused on their best interests, Chief Executive John Stumpf said in a statement.

The enforcement action caught the attention of US presidential candidate Hillary Clinton, who on Friday applauded the CFPB, censuring Wells Fargo for what she called “outrageous behavior.”

On Monday, five lawmakers wrote a letter to US Senate Banking Committee Chairman Richard Shelby calling for an investigation.

Moody’s Investors Service also commented, saying the “embarrassing episode” would have a negative impact on Wells Fargo’s outstanding debt.


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