Wells Fargo to eliminate sales goals at heart of massive fraud probe

September 13, 2016 1:21 PM

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Wells Fargo to eliminate sales goals at heart of massive fraud probe

Wells Fargo said Tuesday it will eliminate the sales goals a federal investigation concluded led thousands of the bank’s employees to create fake accounts that customers did not want so that workers could earn bonuses.

The announcement comes less than a week after the San Francisco-based bank was fined $185 million for the scheme, which regulators said was allowed to fester over five years. Wells Fargo said it dismissed 5,300 employees for the practice.

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