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Report: Wells Fargo Considers Clawing Back Executive Pay Over Fake-Account Scandal

Wells Fargo CEO John Stumpf was grilled by a Senate Banking Committee final week over a bank’s bootleg sales practices.

Susan Walsh/AP


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Susan Walsh/AP

Wells Fargo CEO John Stumpf was grilled by a Senate Banking Committee final week over a bank’s bootleg sales practices.

Susan Walsh/AP

Wells Fargo’s house of directors is perplexing to establish either to scratch behind compensate for tip executives in response to a liaison involving unapproved patron accounts, The Wall Street Journal reported.

The Journal, citing a source informed with a matter, pronounced a bank wants to solve a emanate before CEO John Stumpf testifies before a House Financial Services Committee on Thursday.

A orator for a bank refused to endorse or repudiate a report.

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Earlier this month, Wells Fargo pronounced it had concluded to compensate $185 million to settle charges that it non-stop some 2 million deposition and credit label accounts for a business though their accede over a five-year period.

At a Senate Banking Committee conference final week, Stumpf was neatly criticized over a fact that a bank has dismissed some 5,300 employees connected to a bootleg sales practices though holding any movement opposite comparison executives.

'You Should Resign': Watch Sen. Elizabeth Warren Grill Wells Fargo CEO John Stumpf

“Have we returned one nickel of a millions of dollars that we were paid while this liaison was going on?” asked Democratic Sen. Elizabeth Warren of Massachusetts.

He was also asked about clawbacks of income paid to retail-banking conduct Carrie Tolstedt, who is set to retire with $124.6 million in batch and options.

Stumpf pronounced a house was weighing what to do though refused to contend when a preference would be made.

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Since his coming before a Senate panel, that was seen by many people as something of a open family disaster, Wells Fargo’s house has expedited efforts to solve a compensate issue.

The bank has a energy to take behind $36 million in unvested shares of batch from Stumpf and $19 million from Tolstedt if a bank reaches financial targets, Bloomberg reported, citing a minute from a bank to a committee. But Bloomberg noted:

“Cash and batch she already owns — including about $44 million of shares amassed during her 27-year career and $34 million in formerly vested batch options — can’t be recovered, according to a bank’s filings.”