Wells Fargo cuts pay for CEO, other top executives

NEW YORK (AP) – Wells Fargo & Co. is slashing the bonuses and other pay of its chief executive and seven other top executives by about $32 million, a little more than a week after firing four senior managers amid an investigation into the bank’s sales practices.

The San Francisco-based bank said the pay cut will “reinforce accountability of the company’s leadership for the issues arising” from the scandal, and was unrelated to “any findings of improper behavior.”

Wells Fargo acknowledged in September that its employees opened up to 2 million bank and credit card accounts without customer authorization in order to meet lofty sales goals.

Wells’ board’s investigation into the scandal is expected to be finished before the company’s annual shareholder meeting in April.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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