Wells Fargo claws back millions of dollars in executives' pay
Wells Fargo says CEO John Stumpf and the executive who ran the bank's retail banking division will forfeit tens of millions of dollars in pay as the bank tries to stem a scandal over its sales practices.
The independent directors at the nation's second-largest bank said Tuesday that Stumpf will forfeit $41 million in stock awards, while former retail banking executive Carrie Tolstedt will forfeit $19 million of her stock awards, effective immediately. Both are also giving up any bonuses for 2016, and Tolstedt will not receive any severance or any other compensation in connection with her retirement, the bank's directors said.
The announcement comes ahead of Stump's planned appearance before the House Financial Services Committee on Thursday, where he is expected to face a bipartisan grilling similar to what he experienced last week from the Senate Banking Committee.
