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Wells Fargo CEO to forfeit $45 million in pay over fake-accounts scandal

Wells Fargo CEO to forfeit $45 million in pay over fake-accounts scandal

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million, part of the company’s response to the still-unfolding scandal over millions of fake accounts created by bank employees.

Stumpf will give up about 910,000 shares in unvested stock awards, and will not get a bonus this year, according to a statement released late Tuesday by members of Wells Fargo’s board of directors. 

Also, Carrie Tolstedt, the executive in charge of the division at the heart of the scandal, will give up about $19 million worth of stock.

The decision by the board comes two days before Stumpf is expected to appear...

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