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March 01, 2017 at 06:37 AM
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.
The actions, “though not related to any findings of improper behavior, are part of the board’s ongoing efforts to promote accountability and ensure Wells Fargo puts customer interests first,” Chairman Stephen Sanger said in the statement. “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.”
Regulators fined Wells Fargo a record $185 million for opening legions of accounts for customers without permission. Authorities said the company’s pressure on workers to meet sales goals encouraged them to create fake accounts. The bank’s board has been discussing withholding cash bonuses for top executives since at least late January, a person familiar with the matter said last month.
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