U.S. lawmakers ask Wells about taking back bonuses linked to scam case

Five Democratic U.S. Senators have asked Wells Fargo if it plans to take back bonuses and other compensation to executives linked to the 2 million phony bank accounts that employees created to meet sales quotas.

The Consumer Financial Protection Bureau and other regulators announced last week that they had reached a $185 million settlement with the bank over the scam.

“…We write to ask whether the Board of Directors will invoke Wells Fargo’s clawback authority to recover any of the compensation the company has provided to its senior executives, including Carrie Tolstedt, the former senior executive vice president of community banking,” they wrote in a letter dated Thursday and released on Friday.

Read on.

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