MINNEAPOLIS (WCCO) – Wells Fargo CEO John Stumpf said he’ll forfeit $41 million in bonuses as the bank launches an investigation into its phony accounts scandal.

The fallout from the controversy has also resulted in the company’s first major executive departure.

Carrie Tolstedt, who headed the division that created the fake accounts, has left the company. In addition, the $124 million payday she was set to receive, is not happening.

The decisions come a day ahead of a Wells Fargo hearing on Capitol Hill.

Former employees said an intense focus on adding new accounts led to a pressure-cooker atmosphere at Wells Fargo.

Comments (3)
  1. Dev Lopper says:

    So what does that leave him then?

  2. Phil Vierling says:

    Every executive, manager or otherwise who received any incentive based on “sales” objectives should forfeit that income.

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