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Wells Fargo hires law firm to advise on executive pay: WSJ

Published 09/23/2016, 04:39 PM
Updated 09/23/2016, 04:50 PM
© Reuters. Wells Fargo CEO Stumpf testifies before Senate Banking Committee hearing on firm's sales practices on Capitol Hill in Washington
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(Reuters) - Wells Fargo & Co's (N:WFC) board hired law firm Shearman & Sterling LLP to advise on executive compensation and potential clawbacks, the Wall Street Journal reported, citing people familiar with the matter.

Robert Mundheim, a lawyer at the firm, is advising the bank's board on whether it should claw back pay of Chief Executive John Stumpf, Chief Operating Officer Timothy Sloan and former retail banking head Carrie Tolstedt, according to the WSJ report.

Wells Fargo has come under fire for sales abuses at the bank where employees opened as many as 2 million accounts in customers' names without their authorization.

The bank had said its board will assess whether to cancel or claw back any incentive compensation paid to Tolstedt, a now-retired executive at the center of the scandal.

© Reuters. Wells Fargo CEO Stumpf testifies before Senate Banking Committee hearing on firm's sales practices on Capitol Hill in Washington

Wells Fargo and Mundheim declined to comment.

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