DENVER BUSINESS JOURNAL - Former Wells Fargo & Co. CEO John Stumpf and the bank's former retail bank leader will forfeit millions more in compensation following the bank's sales practices scandal.
The Wall Street Journal reports on a 113-page report released today by Wells Fargo's board, which decided to claw back another $75 million in pay from Stumpf and ex-retail chief Carrie Tolstedt.
Those two figures have borne the brunt of blame for the fallout over the bank's aggressive sales efforts, which have drawn heavy fines and damaged once-solid reputation of Wells Fargo (NYSE: WFC), Colorado's biggest bank.
The clawbacks are in addition to earlier moves by the bank to strip former CEO Stumpf (who also lost his job to the scandal) of all of his outstanding unvested equity awards worth about $41 million.
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