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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



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.

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