Wells Fargo claws back $75 million from former CEO and top exec
NEW YORK — Wells Fargo is taking back another $75 million from its former CEO and another top executive, blaming them for playing central roles in the bank’s fake account fiasco.
The actions announced on Monday were the result of a massive, six-month investigation by Wells Fargo’s independent directors.
Wells Fargo’s board on Friday took back an additional $28 million from John Stumpf because the longtime CEO was “too slow to investigate or critically challenge” the bank’s sales tactics, the report said. It also clawed back $47 million from Carrie Tolstedt, the former head of Wells’ community banks.
All told, Wells Fargo senior executives are returning $180 million in pay. The board report said it is among the largest corporate clawbacks ever.