Wells Fargo will withhold 2016 cash bonuses from eight senior executives and reduce 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 executives including CEO Tim Sloan and Chief Financial Officer John Shrewsberry, the San Francisco-based bank said Wednesday in a statement.
Wells Fargo reduced some equity awards received in 2014 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.”
The board’s investigation into the scandal is continuing, Wells Fargo said. Sloan, who took over as CEO after John Stumpf stepped down last year, said he supports the board’s action.