Wells Fargo CEO gives up $41m of his own stock options as the crisis hit bank launches investigation into crooked accounts scandal that has seen them hit with a $7.2BILLION lawsuit
John Stumpf will have his salary frozen during company probe
Wells Fargo has fired some 5,300 employees for opening as many as 2 million accounts in customers’ names without their authorization
Board of directors announced that Carrie Tolstedt, the executive who headed the division responsible for the fake accounts, was forced to quit
Tolstedt was expected to retire and take home a large severance package, but the company said that there would be no such payout
On September 8, a federal regulator and Los Angeles prosecutor announced a $185 million settlement with Wells
Now six ex-staffers have filed a lawsuit seeking at least $7.2bn in damages
Suit claims Wells Fargo set unrealistic sales quotas and fired employees unwilling to set up fraudulent accounts
By ARIEL ZILBER
DAILYMAIL.COM
28 September 2016
Wells Fargo CEO John Stumpf will forfeit a large chunk of his annual salary as well as bonuses and stock options totaling $41million during the company’s independent investigation of its allegedly fraudulent business practices.
Stumpf will have his salary frozen during the course of the investigation, according to CNN, which was launched in the wake of a class action lawsuit against the bank filed by former and current employees who say they were either fired or threatened with termination if they did not meet unrealistic sales quotas.
Six former employees of Wells Fargo Bank have filed a $7.2 billion lawsuit against the bank as it is investigated for alleged banking fraud.
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