Subscribe to our mailing list

* indicates required







We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.


Stay Informed with the latest fanancialish news.





Wells Fargo Executives Lose 2016 Bonuses, Stock Awards

March 2, 2017

[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.