Wells Fargo cutting sales goal in wake of hefty fine

FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. Regulators announced Thursday, Sept. 8, 2016, that Wells Fargo is being fined $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. (AP Photo/Ben Margot, File)


NEW YORK (AP) — Wells Fargo will cut product sales goals for retail bankers, nearly a week after the bank was fined $185 million for allegedly illegally opening unauthorized accounts for its customers.

The fines came from a combination of California and federal regulators who alleged that the practice was being used to meet aggressive sales goals. The Consumer Financial Protection Bureau fined the bank $100 million of the total, marking the largest fine levied against a financial institution by the agency since its creation five years ago. California authorities accounted for the rest.

Wells Fargo will eliminate the sales goals by Jan. 1, according to a statement.

Its shares dropped more than 2 percent in morning trading Tuesday.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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