The Cost Of Ethics

Back in October, we discussed how the unethical behavior at Wells Fargo cost the company business with California and Illinois. What we haven't discussed about the incident is the personal cost to former CEO John Stumpf and former community banking head Carrie Tolsedt. When Stumpf resigned, he gave up $41 million in pay. Evidently, the company's Board of Directors felt this wasn't enough as they announced that Stumpf would be forced to give back an additional $28 million in pay. For Carrie Tolstedt, she forfeited $19 million in pay when she resigned. The Board announced today that it was retroactively terminating her for cause and seeking to claw back an additional $47.3 million in pay.