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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
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- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Wells Fargo Likely to Clawback Carrie Tolstedt’s Stock Options
Carrie Tolstedt, the former chief of consumer banking for Wells Fargo, retired last July after 27 years with the bank. In the process, she took home $125 million in stock, options and restricted Wells Fargo shares – some of which had not yet vested. At the time, there was no mention of a ‘clawback’ to any of the stock and cash compensation had been awarded. But that appears that will be changing.
The Wells Fargo Board of Directors is expected to clawback the entire lot of stock options that Ms. Tolstedt had been awarded - valued at nearly $54 million in today’s market. No comment was available from either Wells Fargo or Ms. Tolstedt's counsel.
It isn't clear whether Ms. Tolstedt was responsible for, or even aware of, the widespread abusive tactics that took place in the Community Banking division of the bank that she ran during the entire period in which the customer abuse was alleged. That division includes retail banking and credit card divisions. Rather, througout that period, Ms. Tolstedt was regularly praised for her unit's ability to get customers to open numerous accounts. And, for a number of years, the Wells Fargo's proxy statement, which details executive pay, cited high "cross-selling ratios" as a reason that Tolstedt had earned her roughly $9 million in annual pay.
Too good to be coincidental?