If you're a C-Suiter on "The Stagecoach," you had to see this one coming...
Wells Fargo & Co.’s board is likely to eliminate annual bonuses for 2016 for some top executives following the bank’s sales-practices scandal, according to people familiar with the matter.
The board met in late January and discussed withholding bonuses for senior executives including Chief Executive Timothy Sloan and Chief Financial Officer John Shrewsberry, these people said. The board is expected to finalize its decision, which could affect annual incentive awards that are paid in cash or stock, in coming weeks.
Considering that Wells Fargo spent the last few months of 2016 as American Banking's Cersei Lannister doing the walk of shame, it make sense that the people at the top of Wells Fargo won't be getting rewarded for the bloody shitshow that was 2016. Especially after it got caught giving a golden parachute to the woman primarily responsible for the scandal.
So we have to hand it to Wells Fargo for finally doing some kind of public shaming of its own leadership...
The cut to compensation isn’t meant to reflect culpability on the part of the executives in connection with the sales-practices scandal, the people said. Rather it is meant to show accountability for the bank’s overall performance.
GODDAMIT Wells Fargo PR team! What is WRONG with you?