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.
Bank says CEO John Stumpf and the executive who ran the consumer banking division will forfeit huge bonuses as it tries to stem a scandal over its sales practices
Secretary of Labor Tom Perez on Tuesday said he would initiate a "top-to-bottom" review of labor practices at disgraced bank Wells Fargo — coming as CEO John Stumpf agreed to forfeit $41 million over a brewing sales scandal. Perez w...
Wells Fargo CEO John Stumpf will temporarily forgo his salary for 2016 while the bank launches an independent investigation over phony accounts created by employees to reach aggressive sales targets. Follow BI Video: On Twitter Join...
Wells Fargo CEO John Stumpf is giving up $41 million in unvested equity. The clawback relates to the still unfolding scandal over millions of fake accounts set up at the bank.