Wednesday, September 28, 2016

Wells Fargo CEO John Stumpf gives back $41 million

Wells Fargo CEO gives back $41 million made in equity scandal

Wells Fargo CEO John Stumpf will forfeit an estimated $41 million in equity awards and his salary as the banking corporation conducts an independent investigation into the firm's handling of retail banking sales practices, the company announced Tuesday evening.

Carrie Tolstedt, former consumer banking executive, has also left Wells Fargo without a severance package.
Last week, Sen. Elizabeth Warren, D-Mass., demanded Wells Fargo executives resign for requiring employees to create false accounts to boost company numbers.
"You should resign," the liberal Massachusetts senator told Stumpf during his testimony before the Senate Banking Committee. "You should give back the money that you took while this scam was going on, and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission."

The Department of Labor said last week it will investigate Wells Fargo to determine whether the bank violated any labor laws with its fake accounts.

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