Wells Fargo Chief Executive John Stumpf testifies on Capitol Hill in Washington, before the Senate Banking Committee on Sept. 20. “Wells Fargo has diligently and professionally worked with the state for the past 17 years to support the government and people of California," the statement said. "The Wells Fargo board invoked clawbacks after the bank took a public beating in Congress and just before it was scheduled to take another, probably more severe beating." The way the penalty was structured in Wells Fargo case appeared to minimize the damage for Stumpf, some legal experts said. In a letter titled "An important step forward: Executive accountability" on Wednesday, Stumpf thanked Wells Fargo's employees for their support.

Source: Washington Post September 28, 2016 21:21 UTC