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Demand for ‘clawback’ of bank executives’ multimillion-dollar pay expected at Senate hearing

Demand for ‘clawback’ of bank executives’ multimillion-dollar pay expected at Senate hearing

When the Senate Banking Committee grills Wells Fargo & Co.’s chairman Tuesday about the banking giant’s sales scandal, look for the word “clawback” to come up more than once.

That’s a reference to rescinding, or clawing back, part of an executive’s previously granted compensation, and critics in Congress and elsewhere are demanding Wells Fargo take back at least part of the multimillion-dollar compensation awarded to one or more top executives.

But such clawbacks are unusual and it’s unlikely Wells Fargo will take that step, compensation experts said.

Wells Fargo Chairman John Stumpf was called to the hearing after the...

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