WASHINGTON – A leading U.S. bank regulator on Friday revoked Wells Fargo & Co's right to be exempted from some executive compensation rules and the lender must seek permission before appointing new leadership.
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The move by the Office of the Comptroller of the Currency revokes some of the terms of Wells Fargo's September settlement with regulators.
Specifically, the settlement had exempted Wells Fargo from controls on "golden parachute" payments to executives.
(Reporting by Patrick Rucker; Editing by Lisa Shumaker)