Wells Fargo CFO says has not considered giving back recent bonuses
Reuters
Published Oct 14, 2016 06:22PM ET
Wells Fargo CFO says has not considered giving back recent bonuses
By Dan Freed
(Reuters) - Wells Fargo & Co (N:WFC) CFO John Shrewsberry said on Friday he has not considered giving back bonuses he has earned following a scandal over unauthorized accounts.
Wells Fargo, which reported third-quarter earnings on Friday, has been reeling over revelations that branch staff opened as many as 2 million accounts over several years without customers' knowledge to meet internal sales targets.
Asked during a CNBC interview whether his compensation may have been tied to hitting targets that were artificially boosted by fake accounts, Shrewsberry said the accounts did not impact revenues.
"It wasn't generating revenue and it wasn't improving our bottom line so it didn't work for anybody," Shrewsberry said.
The CFO added that compensation for senior executives is delayed "over the course of years," and is "at risk [based on] the performance of the company overall."
Shrewsberry's 2015 compensation was more than $9 million, according to Wells Fargo's latest proxy statement filed in March. That total included a bonus of $850,000.
Senior executives who have forfeited compensation over the scandal include John Stumpf, who resigned as CEO Wednesday and gave up $41 million in stock. Carrie Tolstedt, the former head of the retail unit where the problems occurred, forfeited some $19 million in stock.
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