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Wells Fargo Executive Walked Away with $125 Million Retirement Package
Air Date: 09/13/2016
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Wells Fargo Executive Walked Away with $125 Million Retirement Package

LESTER HOLT, anchor:

I want to turn now to the growing fall out for Wells Fargo after getting hit with a record fine for opening millions of fake customer accounts. Former employees now speaking out about the culture inside the company that allowed this to happen, and new revelations about a massive pay out to a high level executive. We get the latest from NBC's Jo Ling Kent.

JO LING KENT, reporting:

Tonight the biggest bank in the world playing defense.

JOHN STUMPF: I want to tell you and our customers that we are sorry.

LING KENT: Wells Fargo CEO John Stumpf telling CNBC that the employees who opened unauthorized accounts did not represent a flaw in the company's culture.

STUMPF: We deeply regret any situation where a customer got a product they did not request. That hasn't, there is nothing in our culture, nothing in our vision of values that would support that.

LING KENT: But according to some employees, the pressure to perform was enormous.

KHALID TAHA: You could risk and losing your job if you don't meet your goals. That's guaranteed. If you don't meet your goals, you're out.

LING KENT: 5,300 employees were fired after more than 2 million banking and credit card accounts were opened without customer permission, now the company paying $185 million in fines. But new revelations showing that the Wells Fargo executive in charge of consumer banking, Carrie Tolstedt is walking away with a $125 million retirement package, according to "Fortune" magazine. Tolstedt has not specifically been accused of wrongdoing and has not commented publicly. In July, Stumpf said in a statement Tolstedt has been "…a standard bearer of our culture, a champion for our customers…." Next week the Senate Banking Committee will launch an investigation into Wells Fargo and its leadership.

SENATOR ELIZABETH WARREN: If they knew then they need to be held accountable. And if they didn't know then they also need to be held accountable.

LING KENT: Wells Fargo will stop setting sales goals for its banking products at the end of this year. It says it wants to restore confidence in consumers' best interest. Jo Ling Kent, NBC News, New York.