• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

2

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

3

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

1

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

2

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

3

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
FinanceWells Fargo

Wells Fargo’s CEO Would Make Over $100 Million Even if He Was Fired for Phony Accounts

Lucinda Shen
By
Lucinda Shen
Lucinda Shen
Down Arrow Button Icon
Lucinda Shen
By
Lucinda Shen
Lucinda Shen
Down Arrow Button Icon
September 26, 2016, 3:31 PM ET
Add Fortune on Google for similar content.

Some, including fervent Wall Street critic Sen. Elizabeth Warren, have called for the CEO of Wells Fargo to resign in light of its phony account scandal.

But even if CEO John Stumpf were fired, he still stands to walk away from the bank with at least $102.7 million. That’s slightly more than five times what he got paid in 2015, when people though he was doing a good job, and not overseeing one of the most widespread frauds in banking history.

And he could make even more. If Stumpf retires before Wells Fargo’s board of directors decides he needs to go, the CEO would also hang onto $25.2 million worth of unvested stock and options that could pay out for years to come.

Equilar crunched the Stumpf pay figures, which USA Today published first, over the weekend. Fortune calculated what Stumpf would make even if he was canned, from Equilar’s figures. The pay is based on where Wells Fargo’s stock was at the close of trading on Thursday. Fortune first reported two weeks ago that Carrie Tolstedt, the Wells Fargo executive who oversaw the unit making the phony accounts, stands to leave the bank with $124.6 million. But that’s in part because Tolstedt was allowed to retire. If she had been fired Tolstedt would have had to forfeit as much as $45 million of that payday.

Stumpf has said that Wells Fargo’s board has meet to discuss clawing back a portion of Tolstedt’s enormous pay.

But unlike Tolstedt, Stumpf’s exit pay would nearly reach the nine figures even if he is found to have played a part in the fraud, or at least knew about it and let it go on.

At least for now there is no evidence of that, and there is no sign the board is even considering pushing Stumpf, who is reportedly within a year or so of retirement even before the scandal broke, out the door.

Backlash against the bank continues to grow following the news that Wells Fargo had been fined $185 million on Sept. 8 for opening millions of deposit and credit card accounts that its clients never requested or authorized be open. Many customers didn’t even know the accounts existed. Shareholders and critics, at least so far, appear to think the fine and Stumpf’s subsequent apologies (in which he initially blamed on poor performing employees rather than Wells Fargo’s management) were inadequate. Several have called for clawbacks on both Stumpf and the executive in charge of the division where the fraud took place, Carrie Tolstedt, in a bid to pacify outraged consumers and investors.

The majority of 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, or any large company, 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.

But that’s not all. Wells Fargo’s latest proxy statement says that Stumpf is eligible for salary continuation, which presumably means that he would continue to get paid his $2.8 million salary or a portion of it, for a number of years after he leaves the company, including it appears even if he were fired. In addition, even after Stumpf leaves Wells Fargo, he won’t have to drive himself, or answer his own calls. According to the company’s latest proxy, Wells Fargo will continue to pay for a part-time driver for Stumpf for two years after he leaves the company, as well as an adiminstrative assistant. Wells Fargo says the benefit is worth an additional $200,000 a year. The proxy statement does not say that he would lose assistant and driver even if he was fired for cause.

Wells Fargo declined to comment on the story.

Since news of the scandal first broke, Wells Fargo’s stock has fallen 8.7%.

About the Author
Lucinda Shen
By Lucinda Shen
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

a
EconomyU.S. economy
America’s entrepreneurial boom begins long before venture capital
By Anthony HernandezJuly 5, 2026
3 hours ago
Russia’s fuel crisis is so bad that a mom and her baby waited in line for 18 hours to get gas — ‘Are we in the Soviet Union?’
EnergyRussia
Russia’s fuel crisis is so bad that a mom and her baby waited in line for 18 hours to get gas — ‘Are we in the Soviet Union?’
By Jason MaJuly 4, 2026
13 hours ago
U.S. debt is a looming crisis today but was once its own revolutionary masterstroke that helped launch a global financial superpower
EconomyDebt
U.S. debt is a looming crisis today but was once its own revolutionary masterstroke that helped launch a global financial superpower
By Jason MaJuly 4, 2026
16 hours ago
Trump Accounts are now available for kids. Here’s where the money will be invested in the stock market—in line with Warren Buffett’s advice
InvestingStock
Trump Accounts are now available for kids. Here’s where the money will be invested in the stock market—in line with Warren Buffett’s advice
By Jason MaJuly 4, 2026
18 hours ago
Iran’s envoy to China says Beijing to get Hormuz concessions
EnergyOil
Iran’s envoy to China says Beijing to get Hormuz concessions
By BloombergJuly 4, 2026
20 hours ago
Ukrainian drones target more Russian oil infrastructure as fuel crisis adds political pressure on Putin, who shrugs off attacks as ‘not critical’
EnergyUkraine invasion
Ukrainian drones target more Russian oil infrastructure as fuel crisis adds political pressure on Putin, who shrugs off attacks as ‘not critical’
By The Associated PressJuly 4, 2026
21 hours ago

Most Popular

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
Success
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
By Preston ForeJuly 4, 2026
1 day ago
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
3 days ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
2 days ago
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
Success
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
By Orianna Rosa RoyleJuly 3, 2026
2 days ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
3 days ago
Three dads started selling hats from a garage with $750—now they’ve sold $35 million worth, partnered with Gary Vee, and grown a community of fathers
Success
Three dads started selling hats from a garage with $750—now they’ve sold $35 million worth, partnered with Gary Vee, and grown a community of fathers
By Preston ForeJuly 4, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.