Wells Fargo board considering ‘clawbacks’ of executive pay – report

by Ryan Smith27 Sep 2016
Wells Fargo’s board is actively considering the prospect of “clawing back” compensation from a controversial former executive – and from CEO John Stumpf, according to a Wall Street Journal report.

Citing a source familiar with the matter, the Journal reported that the board is considering forcing the return of compensation by Stumpf as well as Carrie Tolstedt, the former retail banking head whose unit was implicated in the opening of millions of unauthorized customer accounts.

Tolstedt walked away from the bank with a $125 million payday, inciting harsh criticism. And Stumpf was excoriated by members of the Senate Banking Committee last week for the firing of 5,300 low-level employees over the scandal while no action was taken against executives.

According to the Journal, the bank’s board wants to take action before Stumpf testifies for the House Financial Services Committee on Thursday.


  • by T | 9/27/2016 1:22:08 PM

    $125 million payday on fraudulent activities - they better do more than consider claw back. Claw it all back - when you steal from a person or a company, you don't pay back a portion of what you stole, you pay it all back and/or go to jail.

  • by gh | 9/27/2016 2:00:45 PM

    After Obama allows the big banks to bilk the middle class , steal our equity and work with not only no overhead but different standards than Brokers they like the sponsor of the Dodd Frank think they can simply retire with a small fortune. Seems like old politics and nothing new from Hillary yet more unrealistic and unfair government restrictions to strangle the economy . These others have different standards for themselves. DO not let them take away our right to bear arms or be selective. Maybe Washington should stop trying to rule our lives when they cannot balance a budget and do horrible things like making citizens of terrorists and illegals that should have been deported.

    People do not forget our brave soldiers and citizens that ave their lives at Bengazi and again Hillary totally responsible for the lies and which lead to the untimely deaths. How about the 100 million the Clintons have as a result of AMerican Poloicies from foreign countries .

  • by Joo Wehage | 9/27/2016 4:09:59 PM

    The initial $185 million should have been paid to the WF customers whom the fraud was perpetrated on. Why did the government take those funds? Maybe "We the People" should claw back from the government those funds that rightly belong to others.


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