Bank analysts, financial reform groups and a former regulator have said Tolstedt should be subject to having her stock awards taken back. Former Democratic presidential candidate
"If you're going to use clawbacks, this would be the situation,"
Stock awarded to a Wells executive can be canceled for a variety of types of misconduct, including actions that cause reputational harm to the bank or failure to manage risks in the executive's business group, according to the bank's annual proxy filing.
Wells agreed last week to a settlement with the
The community bank group, under Tolstedt's watch, "failed to adequately oversee sales practices," the OCC's order says.
The bank has said it fired 5,300 managers and employees from 2011 to
The bank has said Tolstedt's retirement at age 56 was a "personal decision."
It's a disgrace that while Americans were defrauded by
According to the bank's proxy, as of
In 2015, Tolstedt, who is based in
Among her other holdings, Tolstedt had an accumulated pension benefit of
When an executive retires, his or her restricted stock and performance shares continue to vest as scheduled, but if the executive leaves involuntarily for cause they forfeit their stock, according to the proxy.
It's not clear if the bank would have to make public details of any clawback decision. If the bank's board or its human resources committee decides to claw back compensation it will determine "whether and to what extent" it will disclose that determination, the filing says.
The board's human resources committee is chaired by
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