The behind-the-scenes acrimony at Wells Fargo — as much as pressure from Capitol Hill and the public outcry — led to Chairman and CEO John Stumpf's forfeiture of about $41 million in unvested equity, sources told CNBC's Andrew Ross Sorkin.
The independent members of the bank's board are furious with Stumpf over the handling of the sales practices scandal that led to a $185 million settlement with regulators and hearings in Congress, Sorkin said on "Squawk Box" on Wednesday, based on conversations he had with people close to the situation on both sides.
Board members feel they were kept in the dark, Sorkin reported. The Stumpf camp, according to Sorkin, feels the board was given an adequate heads-up about the situation, and they're throwing Stumpf under the bus.
Asked for comment, a Wells Fargo spokesperson told CNBC via email: "The Company fully supports the decision of the independent directors of the board regarding executive accountability and the initiation of an independent investigation of our retail banking sales practices. Our management team will cooperate fully and is dedicated to strengthening our culture and taking strong actions to ensure this conduct does not happen again."