Wells Fargo's CEO pay clawback puts Wall Street executives on notice
Wells Fargo & Co's (WFC.N) unprecedented move to strip Chief Executive John Stumpf of $41 million in stock awards has sent a chill through Wall Street with bankers fearful that a hardening political climate against corporate wrongdoing will encourage boards to be more aggressive about making them forfeit pay.
A sales practices scandal at Wells Fargo, where some of its employees opened as many as 2 million accounts without customers' knowledge to hit sales targets, could not have come at a worse time for the wider industry with politicians in Washington reviewing new rules on bank... read more
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