Wells Fargo & Co.’s board is likely to eliminate annual bonuses for 2016 for some top executives following the bank’s sales-practices scandal, according to people familiar with the matter.

The board met in late January and discussed withholding bonuses for senior executives including Chief Executive Timothy Sloan and Chief Financial Officer John Shrewsberry, these people said. The board is expected to finalize its decision, which could affect annual incentive awards that are paid in cash or stock, in coming weeks.

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