Skip to content
Subscriber Only

Pressure Intensifies on Wells Fargo’s Stumpf to Claw Back Pay

  • Lawmakers cite ‘multiple grounds’ for recouping compensation
  • Senators’ letter calls out former executive Carrie Tolstedt

The congressional grilling of Wells Fargo & Co.’s John Stumpf has already started.

A group of Democratic U.S. senators, led by Elizabeth Warren, asked the chairman and chief executive officer in a letter dated Sept. 15 whether the bank will claw back top managers’ pay following allegations that employees opened millions of accounts without customers’ knowledge. The lawmakers called out Carrie Tolstedt, who led the unit where the alleged misconduct occurred, saying there seems to be ample justification for recouping at least some of her compensation.