Ongoing changes at Wells Fargo & Co. now include the elimination of lending and credit incentives for brokers, AdvisorHub reported Dec. 14, citing people "briefed by senior management."
Following the discovery that employees at the banking arm had opened fraudulent customer accounts in order to meet sales quotas, Wells Fargo Advisors tweaked its 2017 compensation plan so as to de-emphasize the sale of mortgages, credit lines and similar products from Wells' banking operations.
Wells' call center employees will also see changes to compensation, The Charlotte Observer reported, citing "people familiar with the issue." In response to the Labor Department's Conflict of Interest Final Rule, approximately 70 employees who take calls from clients and potential clients of the wealth and investment management arm will receive annual instead of monthly bonuses. Base salaries will increase and form a larger part of their overall compensation.