Jim Cramer: Wells Fargo Not Really Clawing Back Anything

Wells Fargo is not really clawing back CEO John Stumpf's compensation because it does not include money that has already been paid, says Jim Cramer
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Wells Fargo (WFC) - Get Report is not really clawing back CEO John Stumpf's compensation because it does not include money that has already been paid, says TheStreet's Jim Cramer. The Wells Fargo board has decided to cancel a total of $60 million in stock awards to CEO John Stumpf and retiring consumer banking chief Carrie Tolstedt. The board will conduct an independent review into sales practices. This comes after Wells was forced to pay $185 million settlement over 2 million unauthorized customer accounts were created by employees to meet sales targets.