Wells Fargo Just Slashed Its CEO’s Pay

Wells Fargo has been trying hard to make things right since the scandal that rocked the bank last year.

It was revealed last year that employees secretly created millions of unauthorized bank and credit card accounts without the customer’s knowledge, since 2011.

This month Wells Fargo has been busy trying to get back on track. The bank’s board publicly fired four senior managers and just clashed the bonuses and other compensation of its CEO and seven other top executives.

CEO Tim Sloan, Chief Financial Officer John 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, were the executives who received pay slashes.

None of these executive will receive cash bonuses for last year, and all had their stock bonuses cut by 50%. The total amount the board said was slashed for executives was $32 million.

“These compensation actions … are part of the board’s ongoing efforts to promote accountability and ensure Wells Fargo puts customer interests first,” Chairman Stephen Sanger said in a statement.

The bank is still amidst an investigation.

Disclaimer: We have no position in Wells Fargo & Co. (NYSE: WFC) and have not been compensated for this article.