Wells Fargo CEO John Stumpf will forgo $41 million in compensation, the bank's board of directors announced Tuesday, as punishment for a bogus accounts scandal that has rocked the company. An independent investigation into the vast fraud practices will be carried out in-house, with Stumpf receiving no salary during the probe, the board said. While Strumpf forfeits $41 million in outstanding unvested equity awards, Carrie Tolstedt, the former head of community banking, will forfeit $19 million in outstanding unvested equity awards.
(Reuters) - Former Israeli president and elder statesman Shimon Peres died in Tel Aviv on Wednesday aged 93, the official government Israel News Agency reported. Peres was hospitalized following a stroke two weeks ago and had made some progress before a sudden deterioration in his condition on Tuesday. Details of when the funeral will take place were not initially available. (Reporting by New York and Washington Desks)