Wells Fargo Chief Executive to Forfeit more than $40m in Pay
Wells Fargo CEO John Stumpf will forgo more than $40 million of stock and salary as the board of directors in the bank checks how employees opened fake accounts for their clients. The bank’s decision to take back stock rewards comes after it was fined $185 million for allow staff to open as many as 2 million new unauthorised new accounts to hit their sales targets.
“Wells Fargo CEO John Stumpf will forgo more than $40 million of stock and salary”
A panel of independent directors will also lead the review, working with human resources committee and the law firm. The investigation may lead to more compensation changes or other employment actions.
About Wells Fargo
In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).
Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.
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