Wells Fargo CEO's pay clawback puts Wall Street bosses on notice

By Olivia Oran and Ross Kerber
Updated September 29 2016 - 2:14pm, first published 11:14am
Wellls Fargo John Stumpf has forfeited $53 million in pay following the sales scandal under his watch - but pressure continues to rise on the bank.  Photo: Pete Marovich
Wellls Fargo John Stumpf has forfeited $53 million in pay following the sales scandal under his watch - but pressure continues to rise on the bank. Photo: Pete Marovich

Wells Fargo's unprecedented move to strip Chief Executive John Stumpf of $US41 million ($53 million) in stock awards has sent a chill through Wall Street with bankers fearful that a hardening political climate against corporate wrongdoing will encourage boards to be more aggressive about making them forfeit pay.

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