Wells Fargo May Reduce CEO Compensation - TheStreet

Wells Fargo May Reduce CEO Compensation

Clawbacks could be coming for Wells Fargo executives.
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Wells Fargo's (WFC) - Get Report board is considering reducing the stock-based compensation for CEO John Stumpf and former head of community banking Carrie Tolstedt, according to the Wall Street Journal. The Journal estimated that Stumpf's total compensation since he's been at Wells Fargo has been about $160 million. The discussion comes just days after the bank paid a $185 million fine to the Consumer Financial Protection Bureau for creating 2 million credit and debit card accounts for customers without their consent. Tolstedt had been in charge of the division responsible for the fraudulent accounts before her retirement in June. The Journal estimates that she received nearly $90 million in stock-based compensation during her time with the bank.

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Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long WFC stock.