Apr 10, 2017

Wells Fargo board blasts former CEO, claws back millions more in pay

Associated Press

Wells Fargo's board of directors is clawing back an additional $75 million in pay from former Chairman and CEO John Stumpf and former retail banking chief Carrie Tolstedt, after it concluded its review of sales practices which led to the opening of millions of fake customer accounts between 2002 and 2015.

Why it matters: The additional clawbacks brings the total compensation recovered after the scandal to $183 million, one of the largest in history. Former CEO Stumpf will forfeit $69 million in total compensation, or 24% of what he earned between 2011 and 2016.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.