Related: Wells Fargo fake accounts head could still walk with $77 million 
 
 Wells Fargo's board of directors also said Tuesday that it's launching an independent investigation into the company's sales practice. “We are deeply concerned by these matters, and we are committed to ensuring that all aspects of the Company’s business are conducted with integrity, transparency, and oversight,” Stephen Sanger, the lead independent director, said in a statement. John Stumpf, the chief executive, will forfeit unvested stock awards worth about $41 million, will not receive a salary while the investigation is underway and will not be eligible for a 2016 bonus, the committee said in a statement. Carrie Tolstedt, the former head of Wells Fargo’s community banking unit, where the misconduct took place, will give up $19 million in unvested stock awards and not be eligible for a 2016 bonus. Carrie Tolstedt, who headed the division that created the fake accounts, has left the company ahead of her scheduled retirement at year end. That means if she is allowed to keep her stock options, Tolstedt could leave Wells Fargo with stocks and options valued today at roughly $77 million. In early September, Wells Fargo was fined $185 million by regulators after it discovered that thousands of employees were setting up unauthorized accounts, including credit cards and checking accounts, that customers had not requested. The case has sparked a national outcry, with lawmakers pummeling Stumpf before the Senate Banking Committee last week, with one even calling on him to resign. Image copyright Getty Images 
 
 During the questioning, Senator Elizabeth Warren, who has long been a critic of the US banking industry, was unmoved by his apology. During the company's investigation, Stumpf will work for free. The decision to "claw back" Stumpf's and Tolstedt's compensation comes just before Thursday's big Wells Farg (WFC)hearing in front of the House Financial Services Committee and amid a string of embarrassing headlines about the opening of unauthorized accounts. In addition to questions about executive compensation, he is likely to face questions about a recently launched Labor Department inquiry into the bank.
– John Stumpf, the Wells Fargo CEO slammed for his "gutless leadership" by Sen. Elizabeth Warren last week, is going to have to tighten his belt a little this year: He will forfeit his bonus, part of his salary, and $41 million in stock awards over the fake-account scandal that saw the sacking of 5,300 employees, CNN reports. In addition, Stumpf will work for free while the company conducts an investigation. The bank's board of directors also says Carrie Tolstedt, who headed the retail division where workers created the phony accounts, will forfeit at least $19 million of the $125 million she was going to leave the company with at the end of the year, and will not receive severance or a bonus for 2016. The announcement comes as Wells Fargo is set to go before the House Financial Services Committee on Thursday. The board says it is launching an independent investigation into how millions of accounts were created without the permission of customers, the BBC reports. Wells Fargo was fined $185 million over the scandal and the Washington Post describes the board's cash clawback as "by far the most aggressive and public effort" since the 2008 financial crisis to punish bank chiefs for misconduct—although Stumpf still has the estimated $161 million he received in bonuses over the five years the scam took place, and Tolstedt received $60 million over the same period. (Wells Fargo whistleblowers say they were fired for speaking out.)