Wells Fargo Board Forces CEO Stumpf To Forfeit $41 Million In Stock Awards

After weeks of public outcry over the fake account scandal, the Wells Fargo board announced late Tuesday that it is forcing both its CEO, John Stumpf, and former community banking head Carrie Tolstedt to forfeit more than $60 million in bonuses and unvested stock awards. The board, which is launching an independent investigation into Wells’ sales practices, said that it is prepared to make additional clawbacks if they are warranted.

http://www.forbes.com/sites/maggiemcgrath/2016/09/27/wells-fargo-board-forces-ceo-stumpf-to-forfeit-41-million-in-stock-awards/