Wells Fargo Urged by Pension Fund to Alter Board, Recoup Pay
- Lender should claw back pay from ex-retail bank head, CtW says
- Union-affiliated group calls for Wells Fargo to expand board
Clawing Back Bankers' Pay: Why It's Harder Than It Looks
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Add union-affiliated pensions to the list of groups urging change at the top of Wells Fargo & Co.
CtW Investment Group, which speaks for a consortium of retirement funds managing more than $200 billion, urged the bank’s lead director Friday to appoint new board members and claw back executive pay. It joins U.S. lawmakers and other labor activists demanding senior-level accountability after the San Francisco-based bank opened accounts without customers’ authorization.