Wells Fargo slashed compensation for eight top executives Wednesday in its latest move to try to restore customer confidence after a fake accounts scandal. Wells Fargo, a major retail bank and a giant in mortgage lending, will withhold 2016 cash bonuses for eight senior executives, including chief executive Tim Sloan and chief financial officer John Shrewsberry.
The bank will also slash by up to 50 percent performance share equity awards granted in 2014 that vested in 2016. The penalty is "based on the accountability of all those in senior management," rather than a finding of "improper behaviour" on the part of the executives in question, the bank said. "As we seek to regain trust, the board is taking decisive actions," said chairman Stephen Sanger. "We will continue to work to make right what went wrong and remain focused on providing the accountability and oversight that our customers, employees, and investors expect and deserve."
The moves announced Wednesday will total about $32 million, adding to the $60 million previously forfeited by former chief executive John Stumpf and departed community banking chief Carrie Tolstedt.
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