Wells Fargo Kills Broker Bonuses for Loan ProductsDecember 16, 2016Wells Fargo will stop paying bonuses to brokers selling banking products following a scandal over the opening of up to two million fake bank accounts at the firm, the Wall Street Journal reports.The company’s brokers will no longer receive bonuses for pushing brokerage clients to take on consumer lines of credit such as securities-backed loans, Erik Karanik, a managing director at Wells Fargo Advisors, Wells Fargo’s brokerage arm, tells the Journal. But broker pay grids will remain the same next year, she says. However, the bank raised the minimum account size for brokers to receive full compensation from $65,000 to $100,000, the paper writes.
Source: Financial Advisor IQ – Wells Fargo Kills Broker Bonuses for Loan Products