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By Dan Freed
Oct 14 Wells Fargo & Co CFO John
Shrewsberry said on Friday he has not considered giving back
bonuses he has earned following a scandal over unauthorized
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
"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.
(Reporting by Dan Freed in New York; Editing by Chizu Nomiyama
and Sandra Maler)