Wells Fargo Executive Wallets May Get Thinner; Board Considering Pay Clawbacks

Fresh from the controversy surrounding the opening of fake accounts, Wells Fargo & Co (NYSE: WFC) seems to be embarking on damage control measures.

According to a Wall Street Journal report, executives at the beleaguered bank are in line for pay cuts. The report singled out the company's former retail baking head Carrie Tolstedt and CEO John Stumpf as the affected ones.

Related Link: Wells Fargo Isn't Sitting Around Waiting For Brexit To Become Official

Wells Fargo's scandal in which the bank opened phony accounts resulted in $185 million in penalties and 5,300 employees being fired. A recent analysis by CNN Money showed that Stumpf would pocket a neat $200 million in cash, stock and options, if he is forced to step down or resign.

At time of writing, Wells Fargo shares were up 0.29 percent at $45.02.

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