Will Wells Fargo’s Board Reclaim Executives’ Pay Over Accounts Scandal

ells Fargo’s board is under an increasingly bright spotlight, as it determines whether to withhold bonuses for CEO John Stumpf and a top executive who ran a unit under fire for an unauthorized accounts scandal. During a Senate hearing Tuesday on Wells Fargo’s sales practices, lawmakers hammered Stumpf on whether the bank will reclaim any pay awarded to him and other executives after the bank paid $185 million in fines to settle claims that employees secretly opened accounts for customers in order to meet aggressive sales goals. Stumpf repeatedly deferred to the board on the question, agitating some senators pressing for his opinion on whether the executives should forfeit money. The Wells Fargo board faces a unique challenge because it has been identified as part of the problem. The Office of the Comptroller of the Currency, in its prepared remarks to the Senate Banking Committee, noted that it had engaged with senior bank leaders for roughly five years over a range of risk-management and oversight issues.


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