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Wells Fargo's CEO Forfeits $41 Million in Fight to Keep Job | Tony Seruga
Sep
28

Wells Fargo’s CEO Forfeits $41 Million in Fight to Keep Job

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  • Board orders review into handling of bogus customer accounts
  • ‘We are deeply concerned by these matters,’ lead director says

Wells Fargo & Co. Chief Executive Officer John Stumpf, fighting to keep his job amid a national political furor, will forgo more than $41 million of stock and salary as the bank’s board investigates how employees opened legions of bogus accounts for customers.

It’s a swift turn for one of the industry’s most exalted leaders, marking the biggest forfeiture of compensation from a major U.S. bank chief since at least the 2008 financial crisis. But it may not be enough to spare Stumpf another lashing when he returns to Capitol Hill on Thursday. Last week, Senator Elizabeth Warren demanded he resign for “gutless leadership” after he blamed abuses on low-wage employees…

Wells Fargo’s CEO Forfeits $41 Million in Fight to Keep Job

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