Wells Fargo CEO Forfeits Millions in pay as Scandal Unfolds

Wells Fargo CEO John Stumpf is giving up $41 million in unvested equity.
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Wells Fargo CEO John Stumpf is giving up $41 million in unvested equity. The clawback relates to the still unfolding scandal over millions of fake accounts set up at the bank. Also Senators will be looking to see if Wells Fargo ( (WFC) - Get Report ) targeted senior citizens when setting up those accounts. Takata is reportedly in talks to settle a criminal investigation with the U.S. Department of Justice. The Wall Street Journal says federal prosecutors found evidence of criminal wrongdoing in the Japanese company's handling of the rupture prone airbags. The report says prosecutors are currently awaiting a proposal from the company on how to resolve an anticipated criminal case. Shares of Nike ( (NKE) - Get Report ) could be under pressure today as future orders were weaker than expected. The sports apparel company did have strong sales after a boost from the Rio Olympics over the summer.

This article was written by a staff member of TheStreet.