U.S. Department of Labor

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 as the bank tries to appease angry lawmakers and regain the trust of customers amid the still-unfolding scandal over fake accounts.

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. 

Carrie Tolstedt, the executive in charge of the division where much of the activity took place, will give up about $19 million worth of stock.

Also, Wells Fargo’s board announced it has hired...

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