WellsFargo & Co said eight senior executives, including Chief Executive Tim Sloan and Chief Financial Officer John Shrewsberry, will not receive cash bonuses for 2016, as the bank looks to increase accountability following a sales scandal.
The three-year equity awards made in 2014 will also be reduced by up to 50 percent for the executives, the lender said on Wednesday.
The release from Wells said that the move was to “promote accountability.”
WellsFargo said the board had taken these actions based on the accountability of all those in senior management and not on any findings of improper behavior in its ongoing independent investigation of the sales scandal.
“These compensation actions for the Operating Committee, though not related to any findings of improper behavior, are part of the Board’s ongoing efforts to promote accountability and ensure Wells Fargo puts customer interests first. As we seek to regain trust, the Board is taking decisive actions,” said Chairman Stephen Sanger in a press release.
Since the scandal and paying a $185 million fine, the third-largest U.S. bank by deposits has been trying to show it is holding the management accountable.
The scandal led to the departure of former Chairman and Chief Executive Officer John Stumpf last October, who along with another executive forfeited tens of millions of dollars in compensation.
The Wall Street Journal said last month that Wells Fargo’s board was likely to eliminate 2016 bonuses for the bank’s top executives, citing people familiar with the matter.