Breaking News         Latest US News              New York News              Fx Tribune

3 Powerful Products That Will Help You Heal
NEW YORK (AP) — Wells Fargo's board of directors slashed the bonuses and other compensation of its CEO and seven other top executives on Wednesday, a little more than a week after the board publicly fired four senior managers amid an investigation...

Wells Fargo cuts pay for CEO, other top executives

NEW YORK (AP) — Wells Fargo's board of directors slashed the bonuses and other compensation of its CEO and seven other top executives on Wednesday, a little more than a week after the board publicly fired four senior managers amid an investigation...

Wells Fargo cuts pay for CEO, other top executives

NEW YORK (AP) — Wells Fargo's board of directors slashed the bonuses and other compensation of its CEO and seven other top executives on Wednesday, a little more than a week after the board publicly fired four senior managers amid an investigation into the bank's sales practices.

The cuts in pay for CEO Tim Sloan, Chief Financial Officer John Shrewsberry and others were widely expected. Wells' board had already clawed back some $59 million in compensation from former CEO John Stumpf and Carrie Tolstedt, who was the head of the community banking business that was at the center of the sales scandal.

The executives who saw pay cuts were Sloan, Shrewsberry, David Carroll, the head of wealth and investment management; Avid Modjtabai, head of payments and virtual solutions; Hope Hardison, chief administrative officer; Davis Julian, chief auditor; Michael Loughlin, chief risk officer; and James Strother, general counsel. None of the eight executives will receive cash bonuses for 2016 and had their stock bonuses cut by 50 percent. In total, Wells' slashed executive pay by $32 million, the board said.

None of the executives were implicated in wrongdoing in the scandal, however they are the heads of several divisions that were affected.

"These compensation actions ... are part of the board's ongoing efforts to promote accountability and ensure Wells Fargo puts customer interests first," Chairman Stephen Sanger said in a statement.

Wells Fargo acknowledged in September that its employees opened up to 2 million bank and credit card accounts without customer authorization in order to meet lofty sales goals. Numerous employees have said that intense pressure from management to sell and open accounts was why they were pushed into unethical behavior. Federal and California regulators fined Wells Fargo $185 million for the practices.

The board is conducting its own investigation into the sales practices scandal. The results of that investigation are expected to be announced before Wells Fargo's annual shareholder meeting in April.

_____

Ken Sweet covers banks and consumer financial issues for The Associated Press. Follow him on Twitter at @kensweet.

Our editors found this article on this site using Google and regenerated it for our readers.

Breaking News Headlines

banner30
Facebook will cooperate in research by the Russian plot
Facebook will cooperate in research by the Russian plot
Trump invents a country: "Nambia"
Trump invents a country:
Hurricane Maria, Latest live news
Hurricane Maria, Latest live news
Trump offers Peña Nieto the help he needs after the earthquake
Trump offers Peña Nieto the help he needs after the earthquake
At least 25 dead in a primary school in southern Mexico City
At least 25 dead in a primary school in southern Mexico City
Women are More Likely than Men to Neglect Retirement Savings, Study Shows
Women are More Likely than Men to Neglect Retirement Savings, Study Shows
Harold Alfond Foundation Pays Off $685K in Student Loan Debt for 20 Maine Students
Harold Alfond Foundation Pays Off $685K in Student Loan Debt for 20 Maine Students
Mature, the only world leader who comes out in support of independence
Mature, the only world leader who comes out in support of independence
Evacuated a British Airways plane in Paris for a false alarm
Evacuated a British Airways plane in Paris for a false alarm
Arrested a second person for the London Metro bombing
Arrested a second person for the London Metro bombing
Riots in San Luis after the exoneration of a white policeman who killed a black
Riots in San Luis after the exoneration of a white policeman who killed a black
A white guard invents an African-American shooter to justify an accident with his own weapon
A white guard invents an African-American shooter to justify an accident with his own weapon
POLLS Results ALL
Who is the most powerful actor in Syria

banner31
Front Pages
  • The Sun
NEWS ARCHIVES