AdminBill: MONDAY EVENING
HEARING INTERESTING THINGS GOING ON SINCE YESTERDAY.
************
Angel: Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million
by Stephen Gandel
SEPTEMBER 12, 2016, 6:00 AM EDT
Months ago, CEO John Stumpf praised the executive in hot water as “a standard-bearer” for the bank.
Wells Fargo & Co’s WFC -0.94% “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million.
In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”—to give back any of her nine-figure pay.
On Thursday, Wells Fargo WFC -0.94% agreed to pay $185 million, including the largest penalty ever imposed by the Consumer Financial Protection Bureau, to settle claims that that it defrauded its customers. The bank’s shareholders will ultimately have to swallow the cost of that settlement. The bank also said it had fired 5,300 employees over five years related to the bad behavior.
http://fortune.com/2016/09/12/wells-fargo-cfpb-carrie-tolstedt/
*************
Wells Fargo’s community banking exec reportedly leaving with $124.6 million
Christine Wang | @christiiineeee
A Wells Fargo executive is walking away from the bank with $124.6 million, according to Fortune.
The bank in July announced the departure of Carrie Tolstedt, former head of community banking, saying she made the decision to “retire at year’s end after a long and successful career.”
Fortune’s report comes soon after officials announced last week that Wells Fargo will pay $185 million in penalties and $5 million to customers for opening fee-generating accounts without authorization to do so. Over a five-year period, 5,300 Wells Fargo employees were fired over the practice cited by the Consumer Financial Protection Bureau, CNBC confirmed with Wells Fargo.
http://www.cnbc.com/2016/09/12/wells-fargos-community-banking-exec-reportedly-leaving-with-1246-million.html
