Wells Fargo will need to spend a significant amount on recruiting and re - training staff and it will take three to five years to rebuild its sales and management structures , following the scandal over unauthorised customer accounts and $ 185 m fine , according to consultant Dan Kleinman who has worked on and off with the bank for over 20 years . " Its reputation is soiled , " he said . He criticised the bank 's high - pressure sales practices and management , a view corroborated by another consultant , Michael Moebs who said essential changes to employee incentives would cut into short - term profits but the long - term benefit would be customer and staff loyalty .
Wells Fargo will need to spend a significant amount on recruiting and re-training staff and it will take three to five years to rebuild its sales and management structures, following the scandal over unauthorised customer accounts and $185m fine, according to consultant Dan Kleinman who has worked on and off with the bank for over 40 years. "Its reputation is soiled," he said. He criticised the bank's high-pressure sales culture and management, a view corroborated by another consultant, Michael Moebs who said essential changes to employee incentives would cut into short-term profits but the long-term payoff would be customer and staff loyalty.