Wells Fargo Cuts Cash Bonuses for Its Top Executives
Wells Fargo’s highest-ranking executives will not receive cash bonuses for 2016 as part of the bank’s continued effort to be more transparent in the wake of its fake accounts scandal.
On Monday, the embattled bank announced that in addition to withholding cash bonuses for top execs, including CEO Tim Sloan and CFO John Shrewsberry, it would reduce the executive’s equity awards from 2014 — vested in 2016 — by 50%.
Wells Fargo Chairman Stephen Sanger stressed in a statement that the executives themselves had not done anything wrong, but that the company needs to impose certain measures to highlight transparency.
“As we seek to regain trust, the Board is taking decisive actions,” Sanger said. “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.”