john stumpf

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[DIGEST: CNN, Los Angeles Times]

Wells Fargo CEO John Stumpf will forfeit compensation worth $45 million––including his bonus and about $41 million in stock awards––as Wells Fargo launches a probe into a scandal over fake accounts. Earlier this month, an investigation revealed that Wells Fargo employees opened more than two million phony accounts to reach projected sales targets. In response to the allegations of fraud, the company fired about 5,300 low-level employees. Additionally, the Consumer Financial Protection Bureau fined Wells Fargo $185 million for illegal banking practices.

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