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27

Wells Fargo CEO Forfeits $41 Million as Board Orders Review

By Tony Seruga

Wells Fargo CEO John Stumpf Testifies To Senate Banking Committee Over Alleged Misconduct

John Stumpf testifies before the Senate Committee on Sept. 20.

Photographer: Pete Marovich/Bloomberg

‘We are deeply concerned by these matters,’ lead director says
Board may seek more actions against executives after inquiry

Wells Fargo & Co. Chief Executive Officer John Stumpf will forfeit $41 million of stock, plus some salary, as the bank’s board investigates how employees opened legions of bogus accounts for customers, a scandal that set off a national political furor.

Former community banking chief Carrie Tolstedt has left the company, will forgo unvested stock valued at about $19 million, and agreed not to cash in outstanding options during the review, the San Francisco-based lender said Tuesday in a statement. Neither Stumpf nor Tolstedt will receive a bonus for this year…

Wells Fargo CEO Forfeits $41 Million as Board Orders Review

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