Wells Fargo chief forfeits $41m amid corruption probe



Wells Fargo chief executive John Stumpf will forfeit $41m (£31.5m) in bonuses as the bank tries to stem a scandal over its sales practices.
The bank has launched an investigation how more than two million deposit and credit card accounts were opened without customers' permission.
The bank said Mr Stumpf would not receive a salary during the inquiry.
The former head of retail operations, Carrie Tolstedt, will forfeit $19m of bonuses and left without a payoff.
Earlier this month, Wells Fargo was fined $185m (£142m) and accused of "widespread illegal practice" by the regulators.... read more

 
28 September 2016 in Business, Views: 51
Source: BBC
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