After Wells Fargo had a $100 million levied against it last week when it was determined that its employees opened more than 2 million fake accounts to get sales bonuses, the bank announced that it’s totally revamping its compensation model for retail banking beginning January 1, 2017, reports HousingWire staffer Kelsey Ramirez.

“We believe this decision is both good for our customers and good for our business,” Wells Fargo CEO John Stumpf said. “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.”

Wells Fargo fired 5,300 of its employees and faced $185 million in fines when those “widespread unlawful” practices were unearthed.

Read more >