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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Wells Fargo Executives Lose 2016 Bonuses, Stock Awards
[Photo: Wells CEO Tim Sloan]
Affected executives include the GC, chief auditor, and CAO.
Wells Fargo's board of directors slashed the bonuses and other compensation of its CEO and 7 other top executives on Wednesday, a little more than a week after the board publicly fired 4 senior managers amid an investigation into the bank's sales practices. None of the executives were implicated in wrongdoing in the scandal, however they are the heads of several divisions that were affected.
The bank 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.
Those affected by the pay cuts include, the following:
- CEO Tim Sloan
- CFO John Shrewsberry
- David Carroll, head of wealth and investment management
- Avid Modjtabai, head of payments and virtual solutions
- Hope Hardison, CAO
- Davis Julian, chief auditor
- Michael Loughlin, CRO (Chief Risk Officer)
- James Strother, General Counsel.
None will receive cash bonuses for 2016 and had their stock bonuses will be cut by 50%. All told, Wells' slashed executive pay by $32 million.
The results of the board’s internal investigation into the sales scandal are expected to be announced before Wells Fargo's annual shareholder meeting in April.