Wells Fargo is opening an independent investigation into the company's retail banking practices, following the revelation that employees trying to meet sales targets opened as many as 2 million phony accounts for customers without their knowledge, the firm announced Tuesday.
During the investigation, Wells Fargo CEO John Stumpf will not receive a salary and will forfeit equity awards valued at around $41 million. Carrie Tolstedt, the former head of retail banking, has also left Wells Fargo, and will not receive a severance package. The firm says it has fired 5,300 people, mostly low-level employees, in connection with the fraudulent practices, and has paid a $190 million fine. It also will eliminate sales goals in retail banking on Jan. 1, 2017.
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