Wells Fargo execs won't receive bonuses for 2016 - KWWL - Eastern Iowa Breaking News, Weather, Closings

Wells Fargo execs won't receive bonuses for 2016

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Wells Fargo announced Wednesday eight executives won't receive bonuses for 2016.

The move affects Tim Sloan, president and chief executive officer and John Shrewsberry, chief financial officer, among others.

In a release, Wells Fargo says the action was taken to reinforce corporate accountability following a scandal involving millions of unauthorized accounts.

In addition, performance share equity awards will be reduced by 50 percent.

In all, the company says those reductions and lack of bonuses equal $32 million.

These compensation actions are in addition to previously announced forfeitures of unvested equity awards totaling $41 million by retired Chairman and CEO John Stumpf and $19 million by departed head of Community Banking Carrie Tolstedt.

Board Chairman Stephen Sanger said, “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. As we seek to regain trust, the Board is taking decisive actions. 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.”

Tim Sloan said, “I fully support the Board’s actions and believe they are critical to Wells Fargo’s commitment to our customers. It is my personal mission to foster a culture of accountability at all levels of the company and to ensure we are second to none in customer service and advice, ethics, and integrity. Today’s action is another step in that direction.”

The Board’s independent investigation is ongoing. As previously announced, the investigation is expected to be completed before the company’s April 2017 annual meeting of stockholders and its findings and any additional actions will be made public by that time.

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