Wells Fargo Considering Pay Clawbacks For CEO

(RTTNews) - Board of Wells Fargo & Co. (WFC) is reportedly considering to claw back pay from former retail-banking head Carrie Tolstedt and Chief Executive John Stumpf.

According to a WSJ report, citing a person familiar with the matter, Wells Fargo & Co's board are considering to take back some stock-based compensation before Stumpf's testimony before the Senate Banking Committee.

Wells Fargo has been marred by a scandal that the bank's retail banking segment employees opened up more than two million unauthorized bank and credit card accounts over the past five years and used those fake accounts to charge extra fees from customers.

Stumpf is scheduled to testify on Thursday before the House Financial Services Committee.

Total compensation of Tolstedt, including accumulated stock and options, could run about $90 million, according to a letter Wells Fargo sent senators last week, reports WSJ.