Wells Fargo to Claw Back $41 Million of Chief’s Pay Over Scandal

Wells Fargo acknowledged this month that its employees had, over the course of several years starting in 2011, opened as many as 1.5 million bank accounts and 565,000 credit card accounts that may not have been authorized by customers. The company agreed to pay $185 million in penalties and fines to settle cases brought by the Consumer Financial Protection Bureau ..

.. “You haven’t returned a single nickel of your personal earnings,” Senator Elizabeth Warren, Democrat of Massachusetts, rebuked Mr. Stumpf, as she urged him to resign. “It’s gutless leadership.”

Mr. Stumpf repeatedly said any forfeited compensation was an issue for the board — of which he is the chairman — to take up. “Whatever the board accepts, whatever they do, I will accept and I will support,” he said

.. but he already held nearly 5.5 million shares of stock owned outright or vesting imminently as of March, when Wells Fargo filed an annual disclosure of his holdings.

Based on Tuesday’s closing share price of $45.09, those 5.5 million shares would be worth nearly $247 million.