1. Where is the $60 Million Wells Fargo Clawed Back in Executive Pay Going?

    Where is the $60 Million Wells Fargo Clawed Back in Executive Pay Going?

    On Monday night, Wells Fargo announced that two executives, CEO John Stumpf and former head of community banking Carrie Tolstedt, who has since retired, would not be receiving a significant amount of compensation totaling $60 million. To the ears of an outraged public this was a measure of satisfaction against executives who allowed over 2 million accounts to be fraudulently created in the names of hundreds of thousands of consumers on their watch...

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    1. It is a true clawback, but it's not like they're going to ask for a check.
    2. Wells Fargo can cancel those RSUs that have not vested yet.
    3. When you give RSUs to the CEO you account for that as a compensation expense.
    4. It's not a material number—[earnings per share] isn't going to swing just for that.
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