Wells Fargo Hires Law Firm for Advice on Clawbacks, WSJ Reports
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Wells Fargo & Co. hired a law firm to advise the board on potential pay clawbacks as the bank grapples with the fallout from a scandal over the opening of accounts without customers’ approval, the Wall Street Journal reported Friday.
The lender retained Robert Mundheim, a lawyer with Shearman & Sterling LLP in New York, to help the board determine whether to claw back pay from Chief Executive Officer John Stumpf, Chief Operating Officer Tim Sloan and Carrie Tolstedt, the former head of community banking, the newspaper said, citing a person familiar with the matter.