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Wells Fargo CEO Could Take Home A Cool $200 Million If He Resigns Or Gets Fired

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Here is a headline that will merely add to Main Street's frustration with Wall Street. If Wells Fargo & Co (NYSE: WFC)'s CEO John Stumpf steps down or is forced to resign, he will take home $200 million in cash, company stock and options.

The figure was derived from a CNN Money analysis, which noted even if Stumpf is fired "for cause" he would only have to forfeit a portion of the $200 million.

Wells Fargo's scandal in which the bank opened phony accounts resulted in $185 million in penalties and 5,300 employees being fired. Ironically, CNN Money pointed out that a portion of Stumpf's business is tied to increasing the number of customer accounts.

Related Link: Elizabeth Warren Just Blasted Wells Fargo CEO John Stumpf's 'Gutless' Leadership

In 2015, Stumpf received $4 million in awards for growing " "primary consumer, small business and banking checking customers." Another document obtained by CNN Money said Stumpf received a reward last year for "reinforcing a culture of risk management and accountability across the company."

Wells Fargo and its CEO continues to face the wrath of the U.S. Senate and House while the Justice Department issued subpoenas to Wells Fargo. On Thursday, Senator Elizabeth Warren joined other senators in calling for a Department of Labor investigation.

"You squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket," Warren said.

On top of all that, the San Francisco branch of the Federal Reserve said on Thursday Stumpf resigned immediately from his advisory board position and no official reason was given.

Posted-In: cnn money John Stumpf John Stumpf Compensation Wells Fargo Wells Fargo ScandalMedia

 

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