Wells Fargo CEO, John Stumpf, will not receive the $41 million in stock options included in his salary due to the dummy accounts scandal. This was announced by the board of directors of the US bank. An investigation will be launched within the group, during which, in fact, neither emoluments nor bonuses will be paid to the CEO. "We are deeply concerned by this matter and we are determined to ensure that all of the bank's activities are managed with integrity, transparency and supervision", indicated the board of the bank which has billionaire Warren Buffet as its first shareholder.
According to what emerged, between 2011 and 2016, of Wells Fargo employees have opened two million fictitious accounts in the name of their clients, invoicing services in order to achieve business goals and get bonuses. About 5.300 employees were fired for taking part in the scam, which was uncovered in early September and has raised questions about the integrity and trustworthiness of the financial sector. CEO Stumpf apologized last week in a congressional hearing, but some lawmakers have nevertheless called for his resignation.
Wells Fargo, which grants a fifth of the loans issued in the US, has already paid a fine of 185 million dollars for the affair and remains at the center of a judicial inquiry. The board also decided to deprive the ex-number one of the retail bank, Carrie Tolstedt, retired since July, of stock options for 19 million dollars, bonuses and liquidation.
