Question

What are the major problems with Wells Fargo’s sales goals and incentives?

Answer 1

Wells Fargo is the American multinational financial service company that provides variety range of products. Wells Fargo is the world's fourth largest bank in terms of market capitalization. Its head quarter is in San Francisco.

Problems with Wells Fargo's sales goals:

1. Wells Fargo has sales targets on the sales managers and sales force by giving them lucrative incentives.
2. Sales people opened millions of unauthorized accounts to meet the sale targets.
3. Sales force is under pressure to take extra money from customers.
4. Wells Fargo is breaking rules to meet performance goals.
5. Customers are being forced to take investment plans so that Wells Fargo may earn recurring fees.
6. There are many angry comments on company's internal blog related to Well Fargo's sales target and incentives.