After being raked over the coals for one of the biggest scams in Wall Street history, Wells Fargo CEO John Stumpf has agreed to forfeit $41 million in compensation.
Astoundingly, this is the first time a Wall Street banker has had to disgorge any of his ill-gotten pay.
But don't get out the Kleenex box quite yet. In the past three years, Stumpf pocketed nearly $200 million in compensation.
Wells Fargo is the first of the big U.S. banks to put out its annual proxy statement, meaning CEO John Stumpf is the first bank executive to display fully his 2011 pay: $19.8 million.
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.
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...
Wells Fargo's board of directors is leaning toward clawing back stock-based compensation from Wells Fargo CEO John Stumpf and Carrie Tolstedt, the firm's former head of community banking, according to The Wall Street Journal's Emily...