Today, Americans for Financial Reform delivered a petition with more than 75,000 signatures calling on Wells Fargo to claw back the compensation of both its CEO John Stumpf and the executive directly responsible for the unit engaged in massive fraud.
From 2011-2015, Wells Fargo created more than 2 million fake deposit and credit-card accounts, and then charged unknowing customers for them. As a result, the bank has been fined $185 million by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Los Angeles City Attorney.
But the Wells Fargo executive who oversaw this misconduct, Carrie Tolstedt, is retiring with almost $125 million in total compensation. Wells Fargo should claw back this money, and the
bonuses earned by CEO John Stumpf from May 2011 – July 2015, when this misconduct occurred. That money should be used it to pay the penalties and refunds to customers.
The over 75,000 petitioners are asking Wells Fargo’s leaders to take responsibility for widespread, illegal behavior, instead of walking off with the profits.
The petitions signatures for “No Giant Bonuses for Scamming Wells Fargo Customers” are compiled from: