Wells Fargo claims $75 million from former executives after sales scandal

Wells Fargo announced Monday that it will reclaim $75 million from two executives at the center of the bank's massive fraudulent account and sales scandal, The New York Times reports.

The report, which took six months for the law firm Shearman & Sterling to compile, blames former chief executive John G. Stumpf for ignoring "numerous" complaints about the company's overly aggressive sales goals.

Wells Fargo's former head of community banking, Carrie L. Tolstedt, is blamed for running her department as "a sales organization, like department or retail stores, rather than a service-oriented financial institution." Tolstedt also "understated problems at the community bank," the report says, leading the board to believe only 230 employees had been fired for unethical practices, rather than the true 5,300 over five years.

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