Wells Fargo CEO John Stumpf will forfeit about $41 million in unvested equity and temporarily forgo his salary, as the company’s independent directors launch an investigation into the company’s retail banking practices.
The bank also said on Tuesday that Carrie Tolstedt, the former head of the community banking division, had left the company and would not receive a severance payment. She forfeited about $19 million in outstanding unvested equity awards and would not exercise her outstanding options during the investigation, Wells Fargo said.
