Wells Fargo & Co. will not award cash bonuses to eight of its senior executives for 2016, including new CEO Tim Sloan and CFO John Shrewsberry, the bank said today, and will slash executives' performance-based equity awards by 50 percent.
The move by Colorado's largest bank was more fallout from the cross-selling scandal that broke in September. The total compensation amount reduced will be around $32 million, based on target bonuses."These compensation actions for the operating committee, 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 a statement.
The San Francisco-based bank (NYSE: WFC) has struggled to regain trust from consumers after news of its bogus account scandal was revealed in a legal settlement with bank regulators back in September.