John Stumpf, Wells Fargo’ CEO and Carrie Tolstedt, the executive who ran the bank’s consumer banking division, have announced they will forfeit millions of dollars in bonuses over the bank’s scandalous sales practices.
The U.S.’s second-largest bank said today that Stumpf will not receive $41 million in stock awards, while Tolstedt will forfeit $19 million of her stock awards, effective immediately. Both say they are also giving up any bonuses for 2016.
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The San Francisco-based bank’s independent directors are also launching their own investigation. Wells Fargo has agreed to pay $185 million to settle allegations its employees opened millions of accounts without customers’ permission to reach aggressive sales targets. Stumpf has faced bipartisan outrage for his handling of the scandal. h/t abc7news
The heat is on! Shame on you Wells Fargo!