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.

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