Wells Fargo chief forfeits $41m amid corruption probe – BBC News

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.

The announcement comes ahead of Mr Stump’s appearance before the House Financial Services Committee, scheduled for Thursday, where he is expected to face another tough questioning similar to his appearance before the Senate Banking Committee last week.

Source: Wells Fargo chief forfeits $41m amid corruption probe – BBC News

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