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Capitol Report: Why Wells Fargo isn’t likely to claw back compensation from top executive

Reuters

A Wells Fargo branch is seen in the Chicago suburb of Evanston.

Wells Fargo is not likely to take back any of the millions in annual pay and share and cash bonuses paid to Carrie Tolstedt, until recently the executive in charge of its banking unit where thousands of employees allegedly cheated customers over the last five years.

On Thursday, Wells Fargo agreed to pay $185 million to regulators, including $100 million to the Consumer Financial Protection Bureau, to settle claims that it defrauded millions of customers since at least 2011 by opening millions of unauthorized deposit, debit and credit card accounts.

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