Updated 6:00 p.m. PST with executives forfeiting stock awards
Wells Fargo says its CEO John Stumpf will forfeit outstanding stock awards worth about $41 million in response to the scandal involving unauthorized customer accounts. Stumpf will also forego his salary while the company conducts an investigation.
Additionally, the bank announced former retail-banking head Carrie Tolstedt has left the company and is forfeiting outstanding stock awards worth about $19 million. She "will not be paid severance or receive any retirement enhancements in connection with her separation from the company," the statement reads.
Neither Stumpf nor Tolstedt will receive a bonus for 2016, the bank says. It adds that a special committee of independent directors will lead the investigation into the scandal.
"We are deeply concerned by these matters, and we are committed to ensuring that all aspects of the Company's business are conducted with integrity, transparency, and oversight," lead independent director Stephen Sanger said in a statement.