Wells Fargo said earlier this month it had agreed to pay $185 million to settle charges that it opened some 2 million deposit and credit card accounts for its customers without their permission over a five-year period.
Ms Tolstedt has forfeited unvested equity awards valued at about US19 million and will not exercise her outstanding options during the investigation, Wells Fargo said.
Carrie Tolstedt, the head of the Wells Fargo division where the phony account scheme took place, has since left the company.
Tolstedt is scheduled to collect about $125 million upon her voluntary exit at the end of the year; she received $9.1 million in compensation last year.
The clawbacks follow revelations that Wells Fargo employees opened about two million unauthorized accounts in customers' names to meet lofty sales targets.
The CEO faced withering questions from lawmakers on both sides of the aisle during a Senate hearing last week, including calls from Elizabeth Warren for his resignation. The paper says the board is looking to resolve the issue before Stumpf goes back to Washington to once again get grilled about his bank's years-long pattern of scamming customers. A decision is expected before Thursday when Stumpf is expected to testify before the House Financial Services Committee, The Wall Street Journal says.
Tolstedt had been set to walk away with a $124 million payday through a mix of shares, options and restricted stocks. Stumpf will also forego part of his salary as well as his yearly bonus for 2016, the bank said Tuesday.
Stumpf will forfeit $41m of unvested equity awards, while Tolstedt will hand back $19m.
The company's board of directors also said Tuesday that it's launching an independent investigation into the company's sales practices. District managers discussed daily sales for each branch and employee "four times a day, at 11 am, 1 pm, 3 pm and 5 pm", the lawsuit said.
But this action by the bank's board is, by far, the most aggressive and public effort by a bank since the 2008 financial crisis to show that top executives will be held responsible for their companies' misdeeds. Earlier this month, Wells Fargo announced a plan to end all sales goals set for its sales representatives and leaders at its branches and call centers effective January 1, 2017.
Wells Fargo stock added 0.2 percent to $45.19.
Since then, and before Stumpf's forfeiture, the closest a bank CEO has come close to a clawback was when Jamie Dimon, JPMorgan Chase's chief executive, had his 2012 bonus cut in half after the bank's board decided he should shoulder blame for $6.2 billion of "London Whale" trading losses.
The pursuit of cross-selling was at the heart of the pressure cooker environment described by Wells Fargo employees to CNNMoney. The Department of Justice and the Labor Department have each launched separate investigations into the bank's practices.
They pleaded not guilty, and Christie is not charged in the case, although federal prosecutors allege he knew what was going on. Christie's office has pointed to a statement he gave in 2014, denying he knew about the plot while it was ongoing.
In the storybook moment, Tebow's home run came off 6-foot-5 left-hander John Kilichowski , who was drafted by the St. Former Florida quarterback and Heisman Trophy victor Tim Tebow homered in his first pro baseball at-bat on Wednesday.
The recent update came after Peres' physicians gave an optimistic forecast last week, saying his condition has slightly improved. The former hawk turned dove is widely respected both in Israel and overseas , regularly meeting world leaders and celebrities.
This one, she said, features two "very different candidates" who will have an impact on the future of the country. Olney Avenue. "The presidency doesn't change who you are, it reveals who you are", she told the cheering crowd.
Now that McGregor's feud with Diaz is paused, it seems like he is again gunning for lightweight gold which is now held by Alvarez. UFC 205 is the first event the promotion will have in NY since the state lifted its ban on professional mixed marital arts.
Venezuela's Oil Minister Eulogio Del Pino said on Monday that global oil supply needs to decrease by a tenth to match consumption. West Texas Intermediate (WTI) crude futures were down 44 cents at $42.86/bbl.
MUST KEEP WINNING " We lost six points in the Premier League but the reality is that we are not drawing, we are winning. In the first half, he seemed more determined, like Mourinho had told him to sprint back and win the ball.
Officers claim they spotted marijuana and a weapon in Mr Scott's vehicle when they were trying to serve a warrant on someone else. A dashboard camera from a police vehicle showed Keith Scott , killed on Tuesday, exiting his auto and backing away from it.
Puig signed the t-shirt and wrote "I LIKE YOU" as well. "Don't look at me", Bumgarner said to Puig, walking off the field. San Francisco has lost nine times this season when leading after eight innings, setting an unwanted franchise record.
Today's update includes fixes for several minor bugs that have been discovered since the operating system was released. Thus far, we haven't run into any major iOS 10.0.2 performance issues on the iPhone 7 .
It featured full-length brown pants and a long-sleeved shirt covered in "tattoos", as well as a "skirt" made of leaves. The costume, which is based on a character from the upcoming movie " Moana ", is a body suit with Polynesian tattoos.
The new edition iPhones ditched the long-standing headphone jack in order to make room and extend the battery life. Both devices will be available in more than 25 countries - including the UAE - beginning Friday, September 16.
The number of Zika virus cases reported in Santa Barbara County has more than double since the beginning of the month. Other travelers should take precautions to protect against mosquitoes while traveling and once the return home.
As Cavs training camp opens up this week, Lue said maintaining the 31-year-old James for the long haul is a top priority. If there's one thing I've been adamant about as a Cavaliers writer, it's my love for J.R.
She's incredibly talented, and we're hoping for a match like this at the next PPV, even if the finish was a little bit sloppy. Best friends: Kevin Owens is Universal champion, sure, but more importantly he's Chris Jericho's best friend.
Along with Gambhir and Yuvraj, pacer Barinder Sran and Jaspreet Bumrah have also appeared for fitness tests. What makes this selection interesting is the fact that India already have Shikhar Dhawan in the squad.
To see which forms of identification are acceptable and how you can get an acceptable ID, please go to www.bringitwisconsin.com. According to the Lubbock County Elections Office, early voting will be October 24 through November 4.
McIlroy is No. 6 and still has a chance, though he would have to win the Tour Championship and Johnson would have to finish third. It will likely be a two-horse race for the title Sunday afternoon, but here are four golfers with a lot at stake in Atlanta .
The recording starts with a single tap on a button positioned on the hinge of the glasses and subsequent taps record new clips. Of course the Spectacles can be connected to your smartphone so that you can instantly share the videos with your friends.
Ford recently announced plans for a fully driverless auto for use in ride-hailing and car-sharing programs by 2021. Taylor Pollier got an offer from Uber he couldn't refuse-to be part of an experiment with a vehicle of the future.
The opposition says as many as 100 people have died in the violence, while the government said three were killed. A European Union election observer mission said it had also uncovered anomalies in the province's results.
A RealClearPolitics average of four recent polls including this most recent PPP poll show Trump up one point on Clinton. Sixty per cent of registered voters say he does not respect "ordinary Americans", according to the poll.