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Wells Fargo Executives Forced to Pay Back $75M over Fake Accounts Scandal

HeadlineApr 11, 2017

Two Wells Fargo executives are being forced by the company’s board to pay back $75 million in compensation over a massive scandal in which Wells Fargo workers created 2 million fake accounts in order to meet grueling sales targets. Wells Fargo former CEO John Stumpf and the former head of community banking, Carrie Tolstedt, are forced to return a combined $75 million in pay, making it the largest “clawback” in U.S. banking history. Wells Fargo has fired a staggering 5,300 low-level workers over the creation of the fake accounts. People nationwide also continue to protest Wells Fargo over its role in funding the $3.8 billion Dakota Access pipeline.

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