Wells Fargo claws back millions in pay from ex-CEO

Wells Fargo's independent directors are clawing back $28 million from the pay of former Wells Fargo Chairman and CEO John Stumpf.

The decision followed an investigation over the company's banking sales practices after its phony accounts scandal.

The $28 million being taken away from Stumpf is on top of $41 million he gave up when he resigned in October.

Carrie Tolstedt, community bank unit head, also is being terminated retroactively for cause and giving up an additional $47.3 million of pay. She had already forgone $19 million in September last year.

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