Wells Fargo last week publicly disclosed some features of its new compensation plans for branch bankers, but the bank still hasn’t finalized key performance measures it will use to award the incentive pay, according to more detailed versions of the plans obtained by the Observer.
The more detailed plans, which haven’t been previously reported, show the San Francisco-based bank has yet to determine what employees must accomplish in certain areas, such as customer and household growth, to receive incentive pay. Wells Fargo released the detailed plans internally Tuesday to branch employees a week after unveiling the new strategy to higher-ranking employees such as district managers in its community banking unit.
Tuesday’s communications illustrate the third-largest U.S. bank continues to wrestle with how to compensate frontline bankers months after authorities fined it $185 million last summer for a scandal involving unauthorized accounts. Wells has picked dollar amounts for teller and personal banker incentive pay, but hasn’t settled on the precise performance requirements needed to receive some of those payments, the documents show. READ MORE