Wells Fargo Said Likely to Withhold Bonuses for Top ExecutivesBy
Board said to near final decision after talks in January
Move would reflect bank’s performance in year hit by scandal
Wells Fargo & Co. will probably withhold 2016 bonuses for senior leaders including Chief Executive Officer Tim Sloan after the bank’s business and stock were slammed by a bogus-account scandal, according to a person briefed on the talks.
The company’s board discussed the move in late January and is likely to make a decision by the end of this month, potentially eliminating annual incentive awards paid in cash or equity, the person said, asking not to be identified because the talks are confidential. The measure, which also could affect finance chief John Shrewsberry and other top executives, is meant to hold management accountable but doesn’t reflect findings of specific wrongdoing…
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