Wells Fargo faces costly overhaul of bankrupt sales culture

Wells Fargo faces costly overhaul of bankrupt sales culture
 

Embroiled in a scandal over unauthorised customer accounts, Wells Fargo & Co faces a steep challenge in overhauling its hard-charging sales culture without gutting profits.
Until recently, Wells staffers laboured under ambitious quotas while executives boasted to Wall Street about “cross-selling” each customer multiple accounts.
That system collapsed with revelations that thousands of employees opened as many as 2 million accounts without customer permission, leading to a $185 million fine in September. But the problems ahead extend far beyond regulatory penalties, investigations and... read more

 
12 October 2016 in Business, Views: 37
Source: Reuters
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