Wells Fargo's retail-banking chief Mary Mack will disclose details of the bank's new compensation plan to employees next week, a company spokeswoman said Friday.
The new compensation plan will not be tied to product sales goals, which were eliminated last year after the bank agreed to pay $190 million to settle charges that 5,300 employees opened 2 million unauthorized consumer accounts.
"Central to the plan are having no product sales goals (which we eliminated last year), performance being measured based on customer experience, and adding oversight and accountability," Mary Eshet, a Wells spokeswoman, wrote in an email. "Our top priority is to communicate the new plan internally first and we are focused on ensuring leaders and team members have the information they need to be successful."
The opening of millions of unauthorized accounts snowballed into a reputational crisis for Wells that forced its former chairman and CEO John Stumpf to resign abruptly in October. In December, Wells agreed to separate the chairman and CEO roles, in an effort to avoid a showdown with shareholders and regulators.
Mack succeeded Carrie Tolstedt, Wells' former head of community banking, who retired in July. At least a dozen investigations are currently ongoing by state and federal regulators into the account scandal.
Mack has been on a 20-city listening tour to find out what led to the unauthorized account opening and to come up with employee incentives that will not lead to misconduct.