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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Biden: George Floyd's last words are "a wake-up call for our nation"

Former Vice President Joe Biden meets with clergy members and community activists during a visit to Bethel AME Church in Wilmington, Del. on June 1, 2020. Photo: JIM WATSON/AFP via Getty Images

Joe Biden will call George Floyd’s dying words “a wake-up call for our nation,” and criticize President Trump’s decision to unleash tear gas on peaceful protesters outside the White House, in a civil rights speech from Philadelphia on Tuesday.

Why it matters: Biden in the address will seek to draw a sharp contrast between himself and Trump, whose first remarks addressing nationwide unrest Monday highlighted law and order, extreme demonstrations of militarized “strength” and other blustery threats.

The alarm over climate financial risk gets louder because of coronavirus

Illustration: Sarah Grillo/Axios

The COVID-19 pandemic underscores why market regulators, companies and investors should do a better job planning for climate risks to the financial system, a pair of reports finds.

Driving the news: The International Monetary Fund said projected increases in the frequency and severity of natural disasters are a potential threat that investors probably aren't weighing enough.

38 mins ago - Technology

Facebook's first major public worker walkout

Illustration: Sarah Grillo/Axios

Disgruntled Facebook employees, upset for days over the company's decision not to take down what they saw as calls for violence from President Trump, made their grievances public on Monday, with reportedly hundreds of workers staging a virtual walkout.

Why it matters: Facebook staffers have pushed back against controversial management choices in the past, but they've never before made public their dissent en masse. The protest suggests that the company — already battered by privacy scandals and political tensions — could be beginning to lose at least some of its workforce's trust.