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Wells Fargo Board Claws Back $41Mn From Stumpf, $19Mn From Tolstedt
The Wells Fargo Bank board has responded to the bank's growing sales scandal by clawing back compensation from Chairman and CEO John Stumpf and former community-banking head Carrie Tolstedt. The action comes ahead of Thursday's hearing before the House Financial Services Committee.
Mr. Stumpf will forfeit $41 million in unvested equity awards, and will forego salary during investigation, marking one of the biggest rebukes to the head of a major U.S. financial institution. Ms. Tolstedt, who oversaw retail banking during bad behavior there, will forfeit unvested equity awards valued at $19 million.
The awards being forfeited by Mr. Stumpf represent about a quarter of the total compensation he has accrued over his nearly 35 years at the bank, according to an independent analysis by human-resources consultancy Overture Group Mr. Stumpf earned total compensation of $19.3 million in 2015.
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