Wells Fargo's board will likely take further action on the bank's former head of the community bank, Carrie Tolstedt, and all of her options could be clawed back.
Tolstedt retired last year and gave up $19 million of unvested options in the process. Based on conversations with sources and revelations in the proxy statement, CNBC has learned that when Tolstedt was allowed to "retire" last year, it was on the agreement that all of her remaining options — whether vested and available to exercise or not — could be clawed back at a later date if the board deemed fit.
The value of those options at today's share price is $53.6 million. It is likely the full amount will be taken back.
Wells Fargo was unable to comment on the review. Legal representation for Tolstedt was not immediately available.
The final results of the board review are due before the annual general meeting for shareholders on April 25, and likely to arrive a week or two before that.
While the proxy statement confirmed those options were available for the board to claw back, the same was not said for former CEO John Stumpf's outstanding options.
The fact that current CEO Tim Sloan received a stock bonus on Wednesday would seem to signal that repercussions for him are over.
Watch: WFC CEO gets a raise