Wells Fargo Pulls Bonuses, Claws Back Top Executives' Awards
- Bogus-account scandal costs eight leaders pay, equity awards
- CEO Tim Sloan, CFO John Shrewsberry among those affected
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Wells Fargo & Co. will withhold 2016 cash bonuses from eight senior executives and claw back compensation received in 2014 as the board holds managers accountable for the company’s bogus-account scandal.
The actions cut a total of about $32 million in pay and equity awards from managers including Chief Executive Officer Tim Sloan and Chief Financial Officer John Shrewsberry, the San Francisco-based bank said Wednesday in a statement. Wells Fargo reduced some equity awards by as much as 50 percent, according to the statement.