22 Temmuz 2017 Cumartesi Breaking News                       Latest US News            New York

NHS Faces Soaring Elderly Care Costs, Academics Say
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
How Do The Customers Benefit from Coupons?
How Do The Customers Benefit from Coupons?
Trump's Goal of 15% Corporate Tax Rate Reaches Potential Snag
Trump's Goal of 15% Corporate Tax Rate Reaches Potential Snag
USDA Report Reveals the Trust Cost of Being a Dad
USDA Report Reveals the Trust Cost of Being a Dad
British Zookeeper Killed in “Freak Accident“
British Zookeeper Killed in “Freak Accident“
The most effective method to discover online news with monacart.com
The most effective method to discover online news with monacart.com
What is Google News?
What is Google News?
Is it Worth the 'Likes?' 3 Things Not to Do When Away on Vacation
Is it Worth the 'Likes?' 3 Things Not to Do When Away on Vacation
3 Facilities That Benefit the Most from Standby Power
3 Facilities That Benefit the Most from Standby Power
Researching the Potential of Your Business Idea
Researching the Potential of Your Business Idea
5 Ways to Incorporate Employee Feedback into Your Business Plan
5 Ways to Incorporate Employee Feedback into Your Business Plan
Requirements of Distribution ERP Software
Requirements of Distribution ERP Software
Could Cybercrime Sink Your Travel Plans?
Could Cybercrime Sink Your Travel Plans?
POLLS Results ALL
Who is the most powerful actor in Syria

banner31
Front Pages
  • The Sun
NEWS ARCHIVES