Daily Management Review

C.E.O Of Wells Fargo To Surrender ‘$41m’ For Being Involved In The Fake Account Scandal


09/30/2016


The U.S. bank faces a tough month from financial angle.



The Wells Fargo’s C.E.O Stumpf will be losing his “$41m” compensation amount following the “fake account scandal” of the U.S. bank.
 
The ex-head of “community-banking, now retired, Carrie Tolstedt, will also be affected in her pay, for the bank has aims of regaining credibility after facing a “difficult month”. Regulators imposed a fine of $185m on Wells Fargo, once the bank was found to have made “over 2m unauthorised accounts and credit cards” for meeting “aggressive sales targets”.
 
Stumpf will be surrendering “$41m of unvested equity awards” and Tolstedt will give back another “$19m”. The bank, based out of California received heavy criticism in a hearing of “Senate banking committee” that took place last week. Moreover, as many as “5,300 employees were fired” following the scandal, while top-level authorities did not face “any action”.
 
Furthermore, Digitallook also informed that:
“During an internal inquiry into the alleged fraud, Stumpf will not receive a salary”.
 
The House Financial Services Committee also summoned Stumpf for questioning sessions. Amid the growing pressure, Stumpf has been called for standing down for the malpractice by “various commentators”. Stumpf admitted that he “violated” the customers’ trust while he denied that Wells Fargo’s “executives directed employees to create fake accounts”.
 
 
 
 
References:
http://www.digitallook.com/







Science & Technology

What trends will be affecting the health sector in the coming years?

Deloitte identifies main cyber threats for power industry

Zenuity To Take Self Driving Car Road Test In Sweden With Permission

Researchers: Half of Facebook users is fake

Amazon’s Ring gets in a privacy scandal

Facebook Is Creating A Stablecoin For Its WhatsApp Users

IBM offers to use the first quantum computer

Passport Numbers Of 5 Million Customers Hacked: Concedes Marriott

China Lifts Approval Freeze On New Video Games Launch

Concentrated Solar Plant System To Dispatch Electricity To The Grid On Demand

World Politics

World & Politics

Trump is losing rating because of shutdown

Hanoi, Vietnam Chosen As Place For 2nd Summit Between Trump And Kim Jong-Un

US, China to hold new negotiations in Beijing

Human Rights Not To Be Dissociated From Stability, Macron Tells Sisi

Brexit Hijack Is Not The Parliament’s Right

Macedonia ignites political crisis in Greece

Brazil turns right

Merkel’s Pledge Of A United Germany in 2019