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

Trendingnow

1

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

2

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

3

Current price of oil as of May 29, 2026

1

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

2

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

3

Current price of oil as of May 29, 2026
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

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

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

U.S. military fires missile into engine room of blockade runner after it ignored more than 20 warnings while trying to enter an Iranian port
PoliticsIran
U.S. military fires missile into engine room of blockade runner after it ignored more than 20 warnings while trying to enter an Iranian port
By Konstantin Toropin and The Associated PressMay 30, 2026
58 minutes ago
Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran’s fast-attack boats
EnergyIran
Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran’s fast-attack boats
By Jason MaMay 30, 2026
4 hours ago
Warren Buffett’s son Peter didn’t know his dad was a billionaire until his 20s—he found out from a rich list
SuccessWarren Buffett
Warren Buffett’s son Peter didn’t know his dad was a billionaire until his 20s—he found out from a rich list
By Sydney LakeMay 30, 2026
6 hours ago
Americans hurt in Kuwait as Trump sends mixed signals on war
PoliticsIran
Americans hurt in Kuwait as Trump sends mixed signals on war
By Kate Sullivan, Michelle Jamrisko, Gerry Doyle and BloombergMay 30, 2026
7 hours ago
U.S. says deals with Iran for safe Hormuz transit are prohibited
PoliticsIran
U.S. says deals with Iran for safe Hormuz transit are prohibited
By Jack Wittels and BloombergMay 30, 2026
7 hours ago
Trump’s ICE surge cost 668,000 jobs, Brookings report says
PoliticsICE
Trump’s ICE surge cost 668,000 jobs, Brookings report says
By Michael Sasso and BloombergMay 30, 2026
7 hours ago

Most Popular

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
4 days ago
Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
Economy
Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
By Shawn TullyMay 30, 2026
15 hours ago
Current price of oil as of May 29, 2026
Personal Finance
Current price of oil as of May 29, 2026
By Joseph HostetlerMay 29, 2026
1 day ago
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
Success
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
By Emma BurleighMay 28, 2026
2 days ago
UBS says Ron DeSantis has a problem with his plan to help 92% of homeowners save on property taxes: His own state's data
Personal Finance
UBS says Ron DeSantis has a problem with his plan to help 92% of homeowners save on property taxes: His own state's data
By Nick LichtenbergMay 28, 2026
2 days ago
Jamie Dimon tells Gen Z to 'learn how to think, learn how to earn respect' as he describes 'great meeting' with Zohran Mamdani
Success
Jamie Dimon tells Gen Z to 'learn how to think, learn how to earn respect' as he describes 'great meeting' with Zohran Mamdani
By Nick LichtenbergMay 29, 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.