(credit: Mike Mozart)

On Tuesday, Wells Fargo CEO John Stumpf released a statement promising that the bank would eliminate product sales goals for its employees after thousands of employees were found to have opened fake accounts using real customer names and identification in order to boost internal sales numbers. Stump did not go so far as to say that the practice of cross-selling financial products would end at Wells Fargo, but The Wall Street Journal reported that the company would put a temporary hold on the practice.

Last week, three regulators fined Wells Fargo $185 million, including a $100 million fine from the Consumer Financial Protection Bureau (CFPB). Wells Fargo fired 5,300 employees who allegedly created about 2 million fake accounts. In some cases, consumers were charged low balance and overdraft fees when Wells Fargo employees temporarily moved money from customers’ approved accounts to accounts they had not approved.

In his statement, Stumpf said, “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.” The sales goals will be eliminated effective January 1.