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September 12, 2016

Fortune: Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million

Wells Fargo & Co’s WFC -0.37%  “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million.

In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”—to give back any of her nine-figure pay.

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“This appears to be exactly the situation that clawback provisions were created for,” says Dennis Kelleher, president of Better Markets, a group that lobbies for more regulation of the big banks. “If they don’t apply here, when will they apply.”

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To read the full Fortune article by Stephen Gandel click here.

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