Wells Fargo board claws back $28 mn more from ex-CEO

Report builds on a narrative that emerged in congressional hearings and press reports

Wells Fargo’s board clawed back an additional $28 million from former Chief Executive Officer John Stumpf and canceled about $47 million of ex-community bank head Carrie Tolstedt’s stock options after determining they were among senior managers who failed to heed warnings of spreading sales abuses for more than a decade.

The bank’s executives treated thousands of fired employees as rogues, and then downplayed the mounting terminations as the board began raising questions, according to the results of a six-month probe by a panel of independent directors that was released on Monday. Investigators unleashed much of their harshest criticism on Tolstedt,