Wells Fargo to eliminate product sales goals for retail bankers

Wells Fargo (WFC) announced on Tuesday that it will eliminate all product sales goals in retail banking, effective January 1, 2017.

The move comes after officials announced last week that Wells Fargo will pay $185 million in penalties and $5 million to customers for opening fee-generating accounts without authorization to do so. Over a five-year period, 5,300 employees were fired over the practice, CNBC confirmed with Wells Fargo.

"We are eliminating product sales goals because we want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers," CEO John Stumpf said in a statement.

— CNBC's Christine Wang contributed to this report.