Wells Fargo

Wells Fargo cut its chief executive's compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008.

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

A team led by Michael Lipsitz, a lawyer hired away from Santander last year, will look at everything from whether prices are fair to whether complaint data contains notable trends.

Inside Wells Fargo, managers say they intend to build a more commensurate presence on Wall Street, where the firm ranks a mere ninth in capital markets and deal advisory, by focusing on business lines and industries where it already has credibility.

The bank's release from a five-year-old enforcement action would mark progress in CEO Charlie Scharf's efforts to resolve its sprawling regulatory problems. But 10 more consent orders, including an asset cap imposed by the Federal Reserve in 2018, remain in place.