Prior to his “retirement” as CEO of Wells Fargo, John Stumpf said he would forgo his salary and bonus for 2016 as penance for the bank’s fake account fiasco. Now, fast forward several months, and the bank’s board has decided to take away millions in extra money that was supposed to go to new CEO Tim Sloan and other top executives. [More]
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Wells Fargo CEO John Stumpf To Forfeit $41M, Forgo Salary To Answer For Scandal
By 9.28.16 — Updated: 9.30.16
Following the revelation that Wells Fargo employees created more than two million unauthorized accounts in customers’ names to meet the bank’s high-pressure sales goals, the bank’s board has decided to claw back $41 million from CEO John Stumpf’s compensation package, and $19 million from Carrie Tolstedt, the former head of retail banking who failed to stop the chicanery. [More]
