Wells Fargo CEO would receive over $100 million even if fired for fake accounts

 

If Wells Fargo CEO John Stumpf is fired, he still could receive over $102.7 million and that would not include $25.2 million worth of unvested stock and options. USA published numbers from Equilar and Fortune also published data supporting this. Two weeks ago, it was reported that Carrie Tolstedt, the Wells Fargi exec who oversaw the units earning all the money on the fake accounts and she apparently will leave the bank with $124.5 million.

Wells Fargo paid$185 million on Sept. 8 for opening millions of deposit and credit card accounts that it’s clients never requested or authorized be open.

Stumpf’s potential exit package, 60%, is made up of his stake in the company: 1.6 million shares worth about $74 million as of Thursday’s close. Stumpf already owns these shares, but as the head of the bank,  it would be very hard to for him to cash those out as CEO. Once he leaves the bank, he is free to sell. On top of that, Stumpf stands to collect just over $24.3 million from Wells Fargo’s deferred compensation plan even if he is fired, as well as an another $4.4 million from a supplemental 401(k) plan that the company set up for its top executives.

Jeffrey Newman represents whistleblowers