Morning Agenda: The Wells Fargo Clawback

The New York Times | April 11, 2017         How could this have happened? You might have wondered after the scandal over fraudulent accounts at Wells Fargo.

Most of the blame has been pinned on two people: John G. Stumpf, the former chief executive, and Carrie L. Tolstedt, the former head of community banking.

To meet sales goals set by Ms. Tolstedt, bankers across Wells Fargo committed fraud, opened unwanted or unneeded accounts, and occasionally moved money in and out of the sham accounts.

The board of the bank will claw back $75 million from the two former executives, the largest forced return of pay and stock grants in banking history.  Read more here.