Four current or former retail banking senior managers have been terminated for cause as Wells Fargo’s Board of Directors continues its independent investigation into the company’s retail banking sales practices and related matters.
The terminated executives will not receive a bonus for 2016 and will forfeit all unvested equity awards and vested outstanding options.
The Board’s review is ongoing and is expected to be completed before Wells Fargo’s annual meeting of stockholders in April 2017. The findings of the investigation, and any additional actions, are expected to be made public by that time.
Additional details are available in a Feb. 21 press release.