Wells Fargo cuts pay for CEO, other top executives

NEW YORK (AP) — Wells Fargo's board of directors slashed the bonuses and other compensation of its CEO and seven other top executives on Wednesday, a little more than a week after the board publicly fired four senior managers amid an investigation into the bank's sales practices.

Wells' board had already clawed back some $59 million in compensation from former CEO John Stumpf and Carrie Tolstedt, who was the head of the community banking business that was at the center of the sales scandal.

The executives who saw pay cuts were Sloan, Shrewsberry, David Carroll, the head of wealth and investment management; Avid Modjtabai, head of payments and virtual solutions; Hope Hardison, chief administrative officer; Davis Julian, chief auditor; Michael Loughlin, chief risk officer; and James Strother, general counsel.