Wells Fargo Refuses to Promote Top Producers To Limit Growth Award
Aidikoff Uhl & Bakhtiari (“AUB”) and The Law Offices of Patrick R. Mahoney, P.C. (“PRM”) have learned that Wells Fargo may have refused to promote certain FAs whose revenue and production levels (under normal circumstances) justified a promotion or transfer to a more lucrative branch. Wells Fargo seemingly targeted its FAs who experienced the highest revenue growth rates year over year to limit the amount of money it would have to pay those FAs through the Wells Fargo Growth Award.
Wells Fargo significantly underestimated the amount of money it would have to pay its FAs through the Wells Fargo Growth Award. To that end, AUB and PRM are investigating the mechanisms that Wells Fargo employed to artificially limit or prevent its FAs from earning the Wells Fargo Growth Award.