News

Actions

John Stumpf, Wells Fargo CEO, to forfeit millions in stock

Wells Fargo CEO to forfeit millions in stock
Posted
and last updated

WASHINGTON (AP) — Wells Fargo says CEO John Stumpf and the executive who ran the bank's consumer banking division will forfeit tens of millions of dollars in bonuses as it tries to stem a scandal over its sales practices.

The board of directors at the nation's second-largest bank said Tuesday that Stumpf will forfeit $41 million in stock awards, while former retail banking executive Carrie Tolstedt will forfeit $19 million of her stock awards, effective immediately. Both are also giving up any bonuses for 2016.

The San Francisco-based bank's independent directors are also launching their own investigation.

Wells Fargo has agreed to pay $185 million to settle allegations its employees opened millions of accounts without customers' permission to reach aggressive sales targets. Stumpf has faced bipartisan outrage for his handling of the scandal.

,

Weather

Daily Forecast

View Hourly Forecast

Day

Conditions

HI / LO

Precip

Wednesday

02/18/2026

Showers Late

-° / 42°

55%

Thursday

02/19/2026

Partly Cloudy

51° / 35°

24%

Friday

02/20/2026

Clear

54° / 34°

3%

Saturday

02/21/2026

Partly Cloudy

65° / 41°

3%

Sunday

02/22/2026

Partly Cloudy

68° / 45°

3%

Monday

02/23/2026

Cloudy

71° / 52°

8%

Tuesday

02/24/2026

Showers Late

71° / 53°

37%

Wednesday

02/25/2026

Showers Late

65° / 52°

35%