A week after the Senate interrogated Wells Fargo & Co. CEO John Stumpf about the unauthorized opening of as many as 2 million accounts, the House Financial Services Committee is set Thursday to get its own piece of the executive, who has proclaimed he is “deeply sorry” for the bank’s sales scandal.
Since that Senate hearing, the Wells Fargo board of directors has taken steps to roll back the CEO’s compensation and that of the executive responsible for overseeing bank sales. In a regulatory filing Wednesday, the board reported that Stumpf would forfeit $41 million in unvested equity awards. Carrie Tolstedt, the Wells Fargo executive in charge of the bank’s retail business, would give up $19 million in equity awards while also leaving the bank immediately, rather than retiring at the end of the year.
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