Daily Management Review

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


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”.

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