Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Wells Fargo CEO Forfeits Majority of 2016 Salary and $41 Million in Stocks

Wells Fargo has been getting a lot of attention lately for the recent seemingly neverending issues with their practices. As the company faces some serious criminal allegations, some employees of the company have been taking some measures to rectify things. According to CNN, the CEO of Wells Fargo is giving up $41 million dollars in stock awards. This news has officials as well as patrons of the bank looking at the company’s practices once again.

The news arose on Tuesday. CNN is reporting that the company’s CEO, John Stumpf, is going to forfeit the majority of his 2016 salary along with the $41 million dollar bonus he was supposed to receive as a bonus. In addition, another Wells Fargo executive will be suffering from some wage pullbacks as well. Officials have also been reporting that Carrie Tolstedt will also be losing some of her wages, as she is also leaving the company. Though she was scheduled to leave the company for her retirement, due to the recent controversy she has pushed up her exit from Wells Fargo.

Wells Fargo has been turning heads all over the nation due to the creation of fake accounts recently coming to light. CNN reported earlier this month that employees of the company were not only putting in unauthorized credit card applications to get bonuses, but the employees were also creating fake checking accounts to make goals and receive bonuses from the company. The company will have to reimburse all those who have been affected by the illegal practices.

Wells Fargo is a bank that many people in the United States as well as the world use and are familiar with. The company is making efforts to not only restore its good name but to regain the trust of its loyal customers. As the changes continue to be made, it will be interesting to see how the company will be able to recover.


Comment Template

You May Also Like

Business

Bank of England Poised for Possible Rate Cut, First Since 2020 During its May monetary policy meeting, the Bank of England is poised to...

Business

Chile Central Bank: Recovery in Motion, but Challenges Persist in Certain Sectors Chile’s central bank released a report on Tuesday indicating that while the...

Business

CEO Dave Calhoun Set to Depart in Company Shake-Up Boeing CEO Dave Calhoun is set to depart by year-end amid escalating concerns regarding the...

Business

Central Bank Policy Reversal Initiates with Great Momentum The eventual bottom for interest rates is poised to be considerably higher than the historic lows...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok