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11

Wells Fargo to Claw Back $75 Million From 2 Former Executives

By Tony Seruga

Wells Fargo’s board said on Monday that it would claw back an additional $75 million in compensation from the two executives on whom it pinned most of the blame for the company’s scandal over fraudulent accounts: the bank’s former chief executive, John G. Stumpf, and its former head of community banking, Carrie L. Tolstedt.

The clawbacks — or forced return of pay and stock grants — are the largest in banking history and among the largest in corporate America. A four-person committee of Wells Fargo’s directors investigated the extensive fraud…

Wells Fargo to Claw Back $75 Million From 2 Former Executives

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