Wells Fargo's wealth unit ditches 'cross-sell' measure for referred assets
Wells Fargo & Co's wealth management unit has changed the way it reports cross-selling, the strategy at the heart of the scandal over its aggressive sales targets, and now reporting assets referred from bank employees.
The wealth management business reported a gain of $1 billion in "referred investment assets" in the third quarter after referrals from employees in bank branches, according to corporate filings. The figure is in line with prior trends, the bank said on Friday.
Cross-selling, or getting customers to buy products and services from several business lines, was... read more
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