Powered by
Wells Fargo axes '16 cash bonuses

Wells Fargo CEO Tim Sloan and seven other top executives won't receive cash bonuses for 2016, the bank said Wednesday in its latest effort to stress corporate accountability following a scandal over millions of accounts unauthorized by customers.

Along with forgoing cash bonuses, the top executives will see a 50% reduction in the performance share equity awards they received in 2014 and that vested last year, the bank added in an announcement before U.S. financial markets opened.

The

Sign up for unrestricted access to 200+ subscription services.
Already have an account? Click here to login.

RelSci News & Alerts gets you:

  • 5 free articles a month from top subscription outlets like the Financial Times, New York Times, and Washington Post
  • Competitive business intelligence through daily data updates
  • Custom feeds on target high-value individuals, companies, industries, and topics delivered straight to your inbox