Perhaps no financial firm in the world has more New Year's resolutions for 2017 than Wells Fargo. And considering that the bank's 2016 was the resolution equivalent of pledging in January to eat less sugar only to wake up dope-sick in a gutter with a needle sticking out of its arm on Christmas Eve, it is understandable that Wells feels like there is some work to do.
So it's nice to see that Wells is not wasting time on making the New Year into a New Opportunity:
Wells Fargo & Co. is planning to roll out a new retail-banking compensation structure next week in an attempt to fix what many believe was one cause of its sales-tactics scandal, people familiar with the matter said.
San Francisco-based Wells Fargo is in the process of completing the final parts of the new plan, which will focus on customer service, customer usage and growth in primary balances, some of these people said.
Smooth move, Stagecoachers. Paying people more means that they can relax a bit and, like, open way fewer fraudulent accounts in the name of innocent customers and stuff like that. Wells Fargo management seems eager to get it done and rank-and-file seem eager to learn all about it.
Rolling out a new plan for at least 50,000 employees has been a priority for Mary Mack, who took over the embattled retail banking unit last July.
Current retail bankers said they are waiting anxiously to figure out how they will get paid and what will count in terms of their performance.
But we all bring baggage into new years, and Wells Fargo is no different. The bank's fourth quarter earnings call is coming up and hopes aren't high about hearing more about the investigation into who's to blame for what made 2016 so shitty:
The bank’s board, though, isn’t expected to roll out any update of its internal investigation into the bank’s practices to coincide with earnings, according to people familiar with the matter. Some inside Wells Fargo had hoped it would be possible for the board to do so by this month; executives say the bank is at something of a standstill until the investigation is completed.
And how is that investigation going?
Now, the board is focusing directly on employees. In late November, many employees who had been interviewed in prior sales-practices probes received an email saying they had to hand over any company-owned cellphones and laptops in the following two weeks that would later be returned after information, such as emails and documents, was downloaded from them, according to a message described to The Wall Street Journal.
Okay, Wells Fargo, we like what we're seeing so far...
The outside vendor collecting the devices only got around to Chief Executive Timothy Sloan and Chief Financial Officer John Shrewsberry in mid-December, a person familiar with the process said.
Dammit, Wells Fargo, it's 2017!