Wells Fargo CEO Loses $41M Bonus, Keeps Job

Fortune reports:

Wells Fargo CEO John Stumpf may not lose his job over the phony account scandal that has cost his bank its reputation (and $185 million in fines), but he will lose his bonus — and then some. After weeks of public outcry and prodding from some Wall Street analysts, the Wells Fargo board announced late Tuesday that it is forcing both Stumpf and former community banking head Carrie Tolstedt to forfeit more than $60 million in bonuses and unvested stock awards.

The Wells Fargo board of independent directors announced late Tuesday that, in the wake of the news that the bank created more than two million accounts without its customer consent, it is launching an independent investigation and forcing Stumpf and Tolstedt to forego millions in stock awards. According to a statement from the board, Stumpf will forfeit all of his outstanding unvested equity awards, which are valued at approximately $41 million based on Tuesday’s closing of $45.09 per share; he will forgo his salary during the investigation; and he will not receive a bonus for 2016.