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Wells Fargo to Eliminate Product Sales Goals for Retail Bankers

SAN FRANCISCO, September 13, 2016

Wells Fargo & Company (NYSE:WFC), announced today that it will eliminate all product sales goals in retail banking, effective January 1, 2017.

“Our objective has always been and continues to be to meet our customers’ financial needs and drive customer satisfaction,” said CEO John Stumpf. “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.”

“We believe this decision is both good for our customers and good for our business. The key to our success is the lifelong relationships that result from providing each customer with great value.  For the past several years, we have significantly strengthened our training programs, controls and oversight and have evolved our model to ensure we are rewarding deeper relationships and providing excellent customer service. The elimination of product sales goals represents another step to reinforce our service culture, helps ensure that nothing gets in the way of our ability to achieve our mission, and is consistent with our commitment to providing a great place to work,” concluded Stumpf.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

Media

Richele Messick
651-724-5234
Richele.j.messick@wellsfargo.com

Mark Folk
704-383-7088
Mark.folk@wellsfargo.com