NEW YORK: Wells Fargo CEO John Stumpf will forgo $41 million in compensation, the bank’s board of administrators introduced on Tuesday, as punishment for a bogus debts scandal that has rocked the corporation.
The financial institution has already apologized and said it fired five,300 personnel tied to the illegal conduct, which saw employees increase sales figures by way of establishing unauthorized deposit and credit debts after which covertly fund them with customers’ money.
An independent research into the substantial fraud practices could be finished in-residence, with Stumpf receiving no earnings for the duration of the probe, the board said. He can also be denied a bonus for 2016.
While Strumpf forfeits $forty one million in tremendous unvested equity awards, Carrie Tolstedt, the former head of community banking, will forfeit $19 million in first-rate unvested equity awards. She will also collect no bonus or severance pay.
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