Wells Fargo Takes Back $75 Million From Ex-CEO and Top Executive
Wells Fargo is taking back $75 million from its former CEO and another top executive, blaming them for their roles in the bank’s fake accounts issue. The actions were taken as a result of the six month investigation by Wells Fargo’s independent directors. According to investigations, sales misconduct and “mass terminations” have taken place at Wells Fargo since at least 2002
“Together with actions from last fall, Wells Fargo senior executives are returning $180 million in pay.”
Together with actions from last fall, Wells Fargo senior executives are returning $180 million in pay. The board has said that this is the biggest clawback in financial services history.
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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