Wells Fargo Claws $41M From CEO
As I said last week: Mr. Stumpf should resign, return every nickel he made while this scam was ongoing, & face SEC & DOJ investigations.
Wells Fargo CEO John Stumpf has agreed to give up $41 million in unvested stock awards following the board of directors’ investigation into the bank’s sales practices, the company said Tuesday.
Additionally, Carrie Tolstedt, Wells Fargo’s former head of community banking, will forego all her unvested equity stock awards valued at $19 million and will not receive retirement benefits worth millions more. Tolstedt was responsible for the division during the time employees allegedly created sham accounts to meet sales targets. She has announced she will retire at the end of year.
Neither Tolstedt nor Stumpf will receive 2016 bonuses, the company said.