Tuesday, September 27, 2016

 

Wells Fargo CEO to forfeit $41M in incentives,fargo pay amid fake-accounts probe; another exec leaves


Wells Fargo claws back $41M from CEO.

Wells Fargo (WFC) CEO John Stumpf agreed to give up $41 million in stock awards following the board of directors' investigation into the bank's sales practices, the company said Tuesday.

Additionally, Carrie Tolstedt, Wells Fargo's former head of community banking, will give up all her unvested equity awards valued at $19 million and will not receive retirement benefits worth millions. Tolstedt was responsible during the time employees allegedly created sham accounts to meet sales targets until retiring this year. Neither Tolstedt nor Stumpf will receive 2016 bonuses.

The penalties are the result of an investigation by the bank into retail banking matters, which is wrapping up just before Stumpf Thursday is expected to testify before the House Financial Services Committee. Stumpf will not receive a salary during Wells Fargo's investigation.

Both Stumpf and Tolstedt were responsible at a time when allegedly hundreds of thousands of accounts were secretly opened for customers. Thousands of employees were fired for opening the accounts, allegedly done to meet sales targets set by management. The U.S. Department of Labor plans to investigate the bank's workplace practices, Labor Secretary Tom Perez said in a letter Monday to Sen. Elizabeth Warren,D-Mass.

Media reports.
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