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Wells Execs Forfeit $60 Million; May Be Just The Beginning

Earlier today we noted that Wells Fargo's board was actively considering whether to claw back pay from former retail-banking head Carrie Tolstedt as well as from Chief Executive John Stumpf. Now, just a few short hours later it looks like we have our answer with a Special Committee of Independent Directors announcing that they have hired Sherman Sterling as counsel to conduct a thorough review of the bank's retail banking sales practices and that both Stumpf and Tolstedt will be forfeiting salary, stocks options and 2016 bonuses.
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