Bloomberg Law
April 10, 2017, 10:55 PM UTC

Wells Fargo Board Claws Back $28 Million More From Ex-CEO

By Laura J. Keller, Bloomberg News

Wells Fargo & Co.’s board clawed back an additional $28 million from former Chief Executive Officer John Stumpf and canceled about $47 million of ex-community bank head Carrie Tolstedt’s stock options after determining they were among senior managers who failed to heed warnings of spreading sales abuses for more than a decade.

The bank’s executives treated thousands of fired employees as rogues, and then downplayed the mounting terminations as the board began raising questions, according to the results of a six-month probe by a panel of independent directors.

Investigators unleashed much of their harshest ...

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