STATEMENT: Los Angeles City Attorney Mike Feuer on Wells Fargo Clawing Back Executive Pay

April 11, 2017

“From the moment we sued Wells Fargo over fake accounts through the time we resolved the case, the bank seemed determined to blame and fire low-level employees, rather than take responsibility at the top. While clawing back outrageous bonuses from people in charge when the scandal erupted is a positive step, providing full restitution to affected customers is imperative. Pursuant to our settlement, next month Wells will report to me on its progress toward doing just that. My office and our federal partners will continue to watch closely and take any further action necessary to hold Wells or other big banks accountable."

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The Office of Mike Feuer

Los Angeles City Attorney

James K. Hahn City Hall East, Suite 800

Los Angeles, CA 90012 | 213-978-8100