Wells Fargo CEO to Forfeit $41 Million In Compensation After Bank’s Sales Scandal

© MIKE BLAKE / REUTERS
© MIKE BLAKE / REUTERS

Wells Fargo and Co. said that it plans on taking $41 million in compensation from Chairman and Chief Executive John Stumpf due to the bank’s sales-tactic scandal. It is the first time that a major U.S. financial institution made its top executive give back earnings since the financial crisis. Former community banking head Carrie Tolstedt and Stumpf will both forgo their salaries as the investigation continues. The House Financial Services Committee will hold a hearing on Thursday pertaining to the company’s actions.

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SOURCE: The Daily Beast Cheat Sheet