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Dec

15

Wells Fargo to Stop Paying Brokers Bonuses for Selling Loans

By Tony Seruga

Wells Fargo & Co. will no longer offer bonuses to brokers who persuade customers to take out loans from other parts of the bank as the firm grapples with fall-out from a cross-selling scandal.

The lender’s brokerage unit will keep its basic pay grid in place for 2017, but will do away with bonuses for selling clients products such as mortgages, securities-backed loans or lines of credit, according to a personal familiar with the change, who asked not to be identified discussing compensation policies…

Wells Fargo to Stop Paying Brokers Bonuses for Selling Loans

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