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6 months ago
BRIEF-Wells Fargo says eight senior executives will receive no cash bonuses for 2016
March 1, 2017 / 2:15 PM / 6 months ago

BRIEF-Wells Fargo says eight senior executives will receive no cash bonuses for 2016

March 1 (Reuters) - Wells Fargo & Co

* Wells Fargo announces executive compensation actions to promote accountability

* Wells Fargo says eight senior executives will receive no cash bonuses for 2016; three-year equity awards made in 2014 will be reduced by up to 50%

* Wells Fargo says board's independent investigation is ongoing

* Wells Fargo says aggregate reduction in compensation totaling approximately $32 million, based on 2016 target bonuses and current price of Wells Fargo shares

* Wells Fargo says investigation is expected to be completed before company's April 2017 annual meeting of stockholders

* Wells Fargo says compensation actions are in addition to previously announced forfeitures of unvested equity awards totaling $41 million by John Stumpf

* Wells Fargo says 8 executives include Tim Sloan, John Shrewsberry, David Carroll, Avid Modjtabai, Hope Hardison, David Julian, Michael Loughlin, James Strother Source text for Eikon: Further company coverage:

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