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September 13, 2016

Financial Times: Wells Fargo Urged to Clawback Bonuses over Fake Accounts

Wells Fargo is facing calls to claw back bonuses paid to senior executives, including the outgoing head of its community banking division, as the fallout over its sham account scandal intensifies.

Two top institutional shareholders in the world’s most valuable bank by market capitalisation have demanded answers over payments to Carrie Tolstedt, who headed the division where the episode took place.

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Dennis Kelleher, chief executive of Better Markets, which lobbies to hold banks more accountable, said: “If Wells was serious about putting their customers first the CEO would give back a substantial amount of his performance pay and publicly disclose in detail all the people in the corporate chain of command who are responsible for making sure this [kind of incident] did not happen.”

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To read the full Financial Times article by Alistair Gray and Stephen Foley click here.

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