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More from Yahoo Finance’s All Markets Summit. To this end, Sloan noted that the bank was focusing on what’s right for “customers and team members.” In an industry that increasingly puts shareholders as its overwhelming priority, it’s likely a welcome change. The company is also working to ensure sure the workforce has a voice that is heard. This led to the compensation plan change for employees as well as a 12% pay bump for the lowest paid employees. During the review process, the bank looked at everything, constituency by constituency, evaluating the bank’s activities from each group’s perspective, Sloan said. Since the scandal, however, the bank has taken a more holistic view of its business than a pure shareholder view. “My role is to make sure something like this doesn’t happen again. “We take risk every day so there’s always something new to deal with,” Sloan said.
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The company has operations in 35 countries with. Of course, this doesn’t eliminate the possibility of more skeletons hiding in the closet. Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and internationally. “We have to make sure we make things right for our customers and team members.” To do all this, the bank brought in third parties during its review “to make sure we’ve opened every drawer.” “We’ve done a very exhaustive review, made changes in our business model, reassigned risk, rolled out a new incentive plan, and made things right with customers,” Sloan said. “One of the changes we wanted to make for our team members is to roll out a new incentive compensation program that’s focused on service more than what we had before,” Sloan said.Īll this followed a major review with all eyes on the San Francisco-based bank. The commission-based model that led to the scandal was researched a few years earlier by two professors, who found it invariably leads to trouble and possibly fraud. “We let an incentive plan drive behavior for our team members and some of that behavior was inappropriate,” Sloan said at the Yahoo Finance All Market Summit in New York. One of the first things that Sloan is doing is changing how employees are compensated. After his predecessor John Stumpf left entrenched in controversy, Wells Fargo’s new CEO Timothy Sloan has a large job ahead of him to regain customers’ trust.