Wells Fargo has not done enough to address the problems brought to light in its massive settlement over secret accounts, former FDIC Chair Sheila Bair told CNBC on Tuesday.
"If you're going to use clawbacks, this would be the situation," Bair said, referring to possibly recouping any compensation fired employees received as a result of creating fee-generating accounts for unsuspecting customers in order to reach sales and bonus targets.
Carrie Tolstedt, the Wells Fargo executive in charge of the unit where employees opened as many as 2 million unauthorized customer accounts, retires at the end of the year, according to a bank announcement in July.
Fortune had originally put a value on her accumulated stock and options over her career at $124.6 million. But according to a Wells Fargo proxy statement, the number is closer to $95 million, based on when the stock was trading around $49 per share last week.
Mary Eshet, spokeswoman for Wells Fargo, told CNBC that Tolstedt was not available for comment.
Last Thursday, Wells Fargo said it has agreed to pay $185 million in fines to the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the city of Los Angeles, as well as $5 million to customers who were affected.
"Money drives behavior," Bair said. "Boards and senior management need to be aware of the compensation incentives they're putting in place and monitor those."