Wells Fargo cuts pay for CEO, other top executives
Source: Associated Press
WEDNESDAY, MAR 1, 2017 11:45 AM EST
NEW YORK (AP) Wells Fargos board of directors slashed the bonuses and other compensation of its CEO and seven other top executives on Wednesday, a little more than a week after the board publicly fired four senior managers amid an investigation into the banks sales practices.
The cuts in pay for CEO Tim Sloan, Chief Financial Officer John Shrewsberry and others were widely expected. Wells board had already clawed back some $59 million in compensation from former CEO John Stumpf and Carrie Tolstedt, who was the head of the community banking business that was at the center of the sales scandal.
The executives who saw pay cuts were Sloan, Shrewsberry, David Carroll, the head of wealth and investment management; Avid Modjtabai, head of payments and virtual solutions; Hope Hardison, chief administrative officer; Davis Julian, chief auditor; Michael Loughlin, chief risk officer; and James Strother, general counsel. None of the eight executives will receive cash bonuses for 2016 and had their stock bonuses cut by 50 percent. In total, Wells slashed executive pay by $32 million, the board said.
None of the executives were implicated in wrongdoing in the scandal, however they are the heads of several divisions that were affected. These compensation actions
are part of the boards ongoing efforts to promote accountability and ensure Wells Fargo puts customer interests first, Chairman Stephen Sanger said in a statement.
Read more: http://www.salon.com/2017/03/01/wells-fargo-cuts-pay-for-ceo-other-top-executives/
malthaussen
(17,187 posts)... but when one is making, say, six mil, how much can it hurt to be cut to five mil? Financially not significant, but it will sting their amour-propre.
-- Mal
hughee99
(16,113 posts)within two years, and that it's done very quietly.
aggiesal
(8,911 posts)bucolic_frolic
(43,128 posts)and they've made off with maybe $200 million since then, but hey late is better
than not at all.
Phoenix61
(17,002 posts)WTF!!! What could they possibly have been doing to earn that? And even with the "slashing" I'm quite certain they aren't exactly headed to the poor house.