Wells Fargo & Co. announced Wednesday that eight of its top executives, including its general counsel James Strother, would be taking pay cuts in the wake of a scandal over fake accounts opened by bank employees. Now, some in the legal industry are questioning whether that was the right approach.
The San Francisco-based banking giant said in a press release that top executives were taking a collective $32 million pay cut—losing out on annual cash bonuses for 2016 and reduced performance share equity awards—in order to “reinforce accountability of the company’s leadership for the issues arising from the community bank’s sales practices.“
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