WELLS FARGO CEO: ‘When you put your shareholders first … you’re going to make mistakes’

Is he reversing the business concept of “…putting customers first?”

Kopitiam Bot

(Source: www.businessinsider.com)

By Michael Flaherty

BEVERLY HILLS (Reuters) – Wells Fargo & Co Chief Executive Officer Tim Sloan said recruiting and retention have improved dramatically in the wake of a sales scandal, as the third-largest U.S. bank has made big changes to how it pays and evaluates employees in its branches.

The bank’s reputation took a severe hit last year after employees created as many as 2.1 million accounts without customer authorization to hit aggressive sales targets.

Scrambling to contain the fallout, Wells Fargo stopped paying branch workers based on how many products they sold and increased its minimum pay rate to between $13.50 and $17 per hour, depending upon the market in which they work.

“Turnover now in our retail bank is the lowest it’s been, that I can recall, in my 30 years at the company,” Sloan said Monday at the Milken Institute Global Conference in Beverly Hills…

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