Wells Fargo Could Claw Back $17 Million From Retiring Tolstedt
- Unvested stock can be recouped following ‘reputational harm’
- Clawback decisions will be made by board, CEO Stumpf says
Wells Fargo Alerts Customers on Fake Accounts
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Wells Fargo & Co. could recoup about $17 million in unvested shares from retiring executive Carrie Tolstedt, a fraction of the compensation the former head of community banking has received over her 27-year career, according to figures compiled from regulatory filings.
Tolstedt, whose departure was announced in July, was singled out Monday in a note to clients by Mike Mayo, an analyst at CLSA Ltd., as someone whose pay should be clawed back following $185 million in fines tied to the creation of unauthorized customer accounts. Former Federal Deposit Insurance Corp. Chair Sheila Bair and some investors are also calling for the company to rescind pay.